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Latest banking merger takes shape

Released at: 19:59, 21/03/2016

Latest banking merger takes shape

MB and Song Da Finance agree to terms on March 18.

by Hong Nhung

The Song Da Finance Joint Stock Company (SDFC) has been merged into the Military Commercial Joint Stock Bank (MB) as a result of an agreement signed by the two sides on March 18.

MB will attain all existing assets, lawful authority, and benefits and assume all debts, legal duties, and responsibilities of SDFC.

Along with approval for the merger, the State Bank of Vietnam (SBV) granted MB a license to establish a subsidiary credit company, the Military Bank Finance Company Limited (MFinance).

MB has been preparing to put MFinance into operation in the third quarter of this year and is seeking strategic partners with experience in consumer credit.

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