Eximbank and Sacombank plan merge

The Eximbank and the Sacombank have unveiled merger plans at a cooperative agreement’s signing ceremony in Hanoi on January 29.

The Vietnam Export Import Commercial Joint Stock Bank (Eximbank) and the Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) have unveiled merger plans at a cooperative agreement’s signing ceremony in Hanoi on January 29.

The agreement specifies the two banks will submit a plan of merger to State agencies and a general assembly of shareholders in the next three to five years.

Eximbank is Sacombank’s largest shareholder. The merger will help both banks overcome their respective difficulties, improve their competitive capacity, and contribute to the sustainable development of the Vietnamese banking system and economy.

Under the agreement, both banks will support each other in optimising capital resources and liquidity.

They will also work together to meet customer demand in foreign currency and gold trading while complying with the regulations of the State Bank of Vietnam (SBV).

Eximbank currently has a charter capital of VND12,355 billion. By the end of 2012’s third quarter, the bank’s total assets were valued at more than VND160,000 billion. Sacombank’s charter capital is VND10,739 billion and its total assets exceed VND147,000 billion.