Sacombank will receive all legal assets, rights, obligations and interests of Southern Bank and maintain the rights and obligations to its customers, partners and shareholders.
The merger is consistent with the general orientation of the Government and SBV in restructuring the banking system in order to promote stronger, reliable and professional financial institutions.
After the merge, Sacombank will be listed among the top five largest banks in Vietnam with a total asset of VND297.184 trillion (over US$13.2 billion) and equity of nearly VND24.5 trillion (nearly US$10.9 billion), including a chapter capital of VND18.853 trillion (over US$838.2 million).
The new banking institution will have 563 transaction offices across the country as well as offices in Laos and Cambodia, with 15,510 officers and employees.
With greater scope, Sacombank is expected to further improve its scale, the quality of its services provided to customers as well as an increase in the capacity of capital supply to the market.
Earlier at the Sacombank’s general assembly, shareholders agreed on the swap ratio of 1:0.79, meaning one Southern Bank share will be exchanged for 0.79 of a Sacombank share.
