From August 28th, HBB Bank officially merged with SHB.
The State Bank of Vietnam announced today (August 28) that Hanoi Commercial Joint Stock Bank (HBB) officially merged with Saigon - Hanoi Commercial Joint Stock Bank (SHB) according to Decision No. 1559/QD-NHNN dated August 7, 2012, of the Governor of the State Bank of Vietnam.
Accordingly, the merged credit institution will be named Saigon - Hanoi Commercial Joint Stock Bank; trading name: SHB; head office address: 77 Tran Hung Dao Street, Tran Hung Dao Ward, Hoan Kiem District, Hanoi, with a charter capital of nearly 9,000 billion VND. The legal representative is Mr. Nguyen Van Le, who holds the position of General Director.
This is the first merger between two banks and also the first successful merger between two banks listed on the stock market. SHB's total assets currently exceed VND 120,000 billion, with an extensive business network of over 240 branches and transaction offices nationwide, and two SHB branches in Cambodia and Laos.
Notably, after the merger, SHB's capital adequacy ratio (CAR) is 11.39%, meeting international standards, thus affirming the safety and sustainability of SHB after the merger. To ensure the rights and interests of SHB and HBB shareholders, shareholders holding 1 share of HBB will receive 0.75 shares of SHB, and shareholders holding 1 share of SHB will receive an additional 0.21 shares of SHB.
According to Deputy Governor of the State Bank of Vietnam, Dao Minh Tu, the role of the regulatory body will not end once the merger is completed. During its operation, if SHB encounters any problems, the State Bank of Vietnam is ready to support it in resolving difficulties related to liquidity or capital sources.
According to VNA-M
