09:25 | 18/09/2015 Economy
The State Bank of Vietnam (SBV) has approved the merger of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) with the Southern Commercial Joint Stock Bank.
The merger between Saigon Thuong Tin Commercial Joint Stock Bank and Southern Commercial Joint Stock Bank has been approved. — Photo tienphong.com.vn
According to Sacombank's announcement on its website, the merger came into effect on September 14.
The new bank will retain the name Sacombank. It has a syndicated charter capital of more than VND18.8 trillion (US$837 million).
Earlier, the shareholders of both banks agreed to their merger at meetings held in July, with 93.7 per cent of Sacombank shareholders and 99.88 per cent of Southern Bank shareholders approving it.
Each share of Southern Bank was converted into 0.75 per cent of one share of Sacombank.
Sacombank was established in 1991. The bank's assets at the end of 2014 were worth more than $12.4 trillion ($550 million). The Southernbank was established in 1993. It had assets worth VND4 trillion ($177 million) at the end of 2014./.