SBV approves Habubank and SHB merger
The State Bank of Vietnam (SBV) on June 15 approved in principle a plan to merge the Hanoi Building Commercial Joint Stock Bank (Habubank, or HBB) and the Saigon-Hanoi Commercial Joint Stock Bank (SHB).
The central bank also asked the two commercial banks to complete their merger in line with the SBV regulations as stipulated in Circular No. 04/2010/TT-NHNN dated February 11, 2010, and submit a report on the merger to the SBV Governor for approval.
The planned merger was approved earlier by the both banks' shareholders at the 2012 Annual General Shareholders Meeting last month. After the merger, one HBB share will be equal to 0.75 SHB share.
The new bank will be called the Saigon-Hanoi Commercial Joint Stock Bank, with charter capital of nearly VND9 trillion ($432 million) and total assets of over VND100 trillion ($4.8 billion).
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