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VPBank gets nod to acquire finance firm

Update: July, 02/2014 - 09:21

Transactions are carried out at VPBank. The bank will shift consumer credit activities to the VPBank Finance Company for better operations. — Photo thoibaotaichinhvietnam.vn

HA NOI (VNS) — The State Bank of Viet Nam (SBV) on Monday allowed the Viet Nam Prosperity Bank, or VPBank, to acquire the Vinacomin Finance Company.

The seller is the Viet Nam National Coal and Minerals Industries Group, or Vinacomin, which will transfer its entire equity at the finance company to the bank.

SBV Decision No 1282/QD-NHNN, dated June 30 and taking effect on the same day, states that the bank will inherit all rights, responsibilities and legal interests of the group here.

According to a new business licence granted by SBV Governor Nguyen Van Binh, the finance firm has a charter capital of VND1 trillion, or US$47.62 million, and its name is changed to VPBank Finance Company.

Its operations vary from receiving deposits and borrowing money, issuing and trading valuable documents, contributing capital and buying stakes, to providing foreign exchange services and granting consumer credits.

It can also deal in insurance and consultancy services in banking and investment areas.

The Government had, in principle, approved the equity sales of Vinacomin in May with the aim of implementing the divestment of State-owned enterprises from non-core lines of business, and restructuring the credit institution system.

VPBank said it would shift all consumer credit activities to the acquired company for better operations, as it planned to be among the top retail banks in Viet Nam in the future. — VNS

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