Vietnam top banks agree to merger
The two leading commercial banks in Vietnam, Vietnam Export-Import Bank, or Eximbank, and Saigon Thuong Tin Bank, or Sacombank, have announced that they will merge into one entity in the next 3 to 5 years.
A cooperation agreement has been signed between the two parties on January 29, according to a press release from Eximbank.
Eximbank and Sacombank are the second and fifth largest commercial banks in Vietnam in terms of assets with $7.68 billion and $7 billion, respectively, as of the end of the third quarter of 2012.
With the merger, the new bank is set to become the biggest commercial bank in Vietnam and the fifth largest Vietnamese financial institution in terms of assets after Agribank, BIDV, Vietinbank and Vietcombank.
The news came when Vietnam’s government is increasingly under pressure to find ways to reduce spiraling bad debts of the country’s banks, which have raised fears of loan problems cropping up and triggered the State Bank of Vietnam to implement a bank restructuring plan.
The two leading commercial banks in Vietnam, Vietnam Export-Import Bank, or Eximbank, and Saigon Thuong Tin Bank, or Sacombank, have announced that they will merge into one entity in the next 3 to 5 years. A cooperation agreement has been signed between the two parties on January 29, according to a press release from Eximbank. Eximbank and Sacombank are the second and fifth largest commercial banks in Vietnam in terms of assets with $7.68 billion and $7 billion, respectively, as of the end of the third quarter of 2012. With the merger, the new bank is set to become the...
The two leading commercial banks in Vietnam, Vietnam Export-Import Bank, or Eximbank, and Saigon Thuong Tin Bank, or Sacombank, have announced that they will merge into one entity in the next 3 to 5 years.
A cooperation agreement has been signed between the two parties on January 29, according to a press release from Eximbank.
Eximbank and Sacombank are the second and fifth largest commercial banks in Vietnam in terms of assets with $7.68 billion and $7 billion, respectively, as of the end of the third quarter of 2012.
With the merger, the new bank is set to become the biggest commercial bank in Vietnam and the fifth largest Vietnamese financial institution in terms of assets after Agribank, BIDV, Vietinbank and Vietcombank.
The news came when Vietnam’s government is increasingly under pressure to find ways to reduce spiraling bad debts of the country’s banks, which have raised fears of loan problems cropping up and triggered the State Bank of Vietnam to implement a bank restructuring plan.
