MDB to be merged into Maritime Bank

09:32 | 31/07/2015 Economy

The Mekong Development Bank (MDB) is set to merge with the Vietnam Maritime Commercial Bank (Maritime Bank) to form an institution among the country's five largest banks in terms of charter capital.

MDB to be merged into Maritime Bank

A Maritime Bank leader is speaking (Source: Maritime Bank)

Within 15 days after the State Bank of Vietnam’s decision takes effect on August 12, both banks must publicise their merger action and complete procedures in accordance with law.

Currently, Maritime Bank's charter capital is 8 trillion VND (373.8 million USD) and MDB’s is 3.75 trillion VND (175.23 million USD), meaning the new banking institution will have a charter capital of 11.75 trillion VND (549 million USD) and total assets of 113 trillion VND (5.28 billion USD).

With nearly 300 transaction offices nationwide, the new institution is forecast to have the third largest office network among commercial banks.

The merger plan was approved at the banks' shareholders meeting last year with the aim to boost their financial strength and increase competitiveness.

According to the Dau tu (Vietnam Investment Review) newspaper, the State Bank expects six bank mergers and acquisitions this year./.

Source: VNA