According to the deal, Habubank is obliged to hand over its assets to SHB within 15 days after the central bank’s directive takes effect on August 28.
The lender is also required to announce its liquidation and merger with SHB in the mass media and resolve relevant issues within the 15 day time frame.
After the takeover, SHB’s total assets will top VND100 trillion (US$4.8 billion) and it will become one of the largest commercial lenders in Vietnam.
In another development, Habubank’s 405 million shares will be delisted from the Hanoi Stock Exchange (HNX) from August 17.
The SBV revoked Habubank’s operating licence earlier in the year.
Last year, three weak banks, Ficombank, Tin Nghia Bank and SCB, agreed to merge into a larger bank to avoid a liquidity crunch.
