The State Bank of Vietnam (SBV)'s governor granted an operation and establishment license for the newly-merged Saigon Commercial Joint Stock Bank (SCB) which starts operation from January 1, 2012.
The new SCB, with chartered capital of over VND10.58 trillion
On December 6, First Commercial Joint Stock Bank (Ficombank), Vietnam Tin Nghia Commercial Joint Stock Bank (Vietnam Tin Nghia Bank), and Saigon Commercial Bank (SCB), became the country’s first three banks to be merged. SBV subsequently announced on December 16 that the newly-merged bank will be retain the name of the latter.
The new SCB, with chartered capital of over VND10.58 trillion, will be headquartered at No 927 Tran Hung Dao, ward 1, district 5, HCM City and has a license to operate for a period of 99 years.
It will be allowed to conduct operations such as receiving deposits, issuing certificate of deposits (C/Ds), promissory notes, bonds, bills of exchange, credit, opening payment account, providing payment measures and services and other operations such as borrowing capital from the central bank and local and foreign credit institutions, opening saving account and payment account at these institutions, contributing capital to buy stakes and joining the monetary market, foreign exchange trading activities and derivative operations as well as receiving mandated services in banking operations.
The consolidated bank is responsible for all the assets, rights, obligations and legal interests of the three banks. Within 15 days since it began operating the newly merged bank must complete all procedures for business registration in accordance with the law.
In addition, all three banks are also responsible for repaying the original operating license for the central bank as well as reimbursement of establishment license for HCM City People's Committee.
On December 23, at the shareholders' meeting, they agreed upon management structure, as well as a development plan for the future. Nguyen Thi Thu Suong, former chairwoman of Ficombank was appointed as new SCB’s chairman while Vu Van Thanh, former chairman of Vietnam Tin Nghia Bank, as deputy chairman and Uong Van Ngoc An, former deputy chairman of Ficombank, as CEO.
