Vietnam’s central bank has not received the
final plan for the acquisition of troubled lender Habubank by Saigon-Hanoi
Commercial Joint Stock Bank, the government has said in a statement on its
website.
State
Bank of Vietnam Governor Nguyen Van Binh said the restructuring of local banks
needs to happen in several steps, including auditing weak banks, calling for
more investment, and then allowing those banks to be acquired by other
financial institutions if necessary.
The
statement did not say what has been done so far in the case of Habubank.
The
State Bank of Vietnam late last year launched a plan to restructure the banking
sector, pushing for mergers and acquisitions of weak lenders.
News of
the Habubank takeover have been reported widely over the local media over the
past month, with the bank originally denying being acquired by Saigon-Hanoi
Commercial Joint-Stock Bank.
Reuters
confirmed the news with a report earlier this month, citing an official of the
bank as saying the takeover still requires final approval from the central
bank. If the merger takes place, the Habubank brand will cease to exist and its
shares will be converted into shares of SHB, or Saigon-Hanoi Commercial Joint
Stock Bank, the unidentified official said.
Net
profits of Habubank, or Hanoi Building Commercial Joint-Stock Bank, last year
fell to 328.95 billion dong from 482.02 billion dong in 2010, the Thoi Bao Kinh
Te Vietnam newspaper reported.
Thanh
Nien
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Strategy, Investment and Management, focusing Healthcare and Life Science with expertise in ASEAN. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programmes. Many thanks for visiting www.yourvietnamexpert.com and/or contacting us at contact@yourvietnamexpert.com
No comments:
Post a Comment