DaiA Bank passes procedures to merge with HD Bank

September 26, 2013 | 15:06

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Dong Nai-based DaiA Bank has completed all necessary procedures for its merger plan with HD Bank after an unusual shareholder meeting in Bien Hoa city on Wednesday.

DaiA Bank, fully known as DaiA Commercial Joint Stock Bank, said in a statement released on the same day that it had successfully organized the meeting and passed all important documents, including the merger plan, contract, and the new rules for the merged bank, with HD Bank, or the Ho Chi Minh City Development Joint Stock Commercial Bank.

“The merger will create a stronger credit institution, bringing benefits to the two banks in particular, and the banking system in general,” the bank said in its statement.

Under the merger plan, all DaiA Bank employees will maintain their current working positions as well as wages and salaries. If HD Bank has better incentives in several aspects, the employees will be subject to those benefits, instead of those of DaiA Bank.

Moreover, DaiA Bank shares will be converted into HD Bank shares at a 1:1 ratio.

Prior to the merger, DaiA Bank had a total registered capital of VND3.1 trillion with 1,477 shareholders.

HDBank will also hold a similar shareholder meeting on Saturday to pass its plan to merge with DaiA Bank.

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