Habubank dispels acquisition rumor

March 14, 2012 | 10:51

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The rumor that Hanoi Building Commercial Joint Stock Bank, or Habubank, has been acquired by the Saigon - Hanoi Commercial Joint Stock Bank, or SHB, is groundless and inaccurate, said the former in a press release issued yesterday.

habubank

“The hearsay has adversely affected Habubank’s reputation and operation, as well as that of the whole banking system,” Habubank said in a statement.

“It has also interfered with information on the stock market, which can affect investors’ interests.”

For its part, the State Bank of Vietnam also rejected the information that it has green-lighted SHB to acquire Habubank.

“It is a false rumor, and SBV has yet to receive any proposals from either parties about the merger or acquisition,” the central bank said on Tuesday.

The merger and acquisition policy, as approved by the government in a bid to increase credit institutions’ health, safety, and financial ability, will be put under the close watch of the central bank and relevant agencies, SBV confirmed.

Meanwhile, SHB has neither rejected nor confirmed its alleged acquisition on Habubank.

“SHB is seeking partners for mergers to increase potential and expand operation in a bid to become the national and regional leading bank,” the bank said in a press release.

The plan is in accordance with the government policy, which encourages healthy banks to join hands in the restructuring process, the announcement read.

SHB also affirmed that it always remains obedient to the law on mergers and acquisitions, as well as the regulation on transparency and publicizing information.

“Therefore, should there be any information regarding our operation, SHB will provide the official announcements as required by law.”