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VietNamNews

Sacombank boosts capital

Update: September, 25/2015 - 10:27

Sacombank will have 567 offices in Viet Nam, Laos and Cambodia, employing 15,510 people. — Photo ndh

HCM CITY (VNS) — The State Bank of Viet Nam (SBV) has approved an increase in Sacombank's capital by nearly 52 per cent to VND18.8 trillion (US$838 million), the HCM Stock Exchange reported on Wednesday.

The decision came after the merger between the Southern Bank and Sacombank (STB) took effect on September 14.

The SBV's decision will remain effective for a year and it will become invalid if Sacombank is unable to raise the capital, or the bank's board of directors, and/or the shareholders, decide on other solutions to raise capital.

After the merger, the new bank will retain the Sacombank name with total assets of VND290.8 trillion ($13 billion) and total equity of VND22.6 trillion ($1 billion).

Sacombank will have 567 offices in Viet Nam, Laos and Cambodia, employing 15,510 people.

However, Tram Be, vice chairman of Sacombank's Board of Directors, will not be a part of the board of the new bank. The State Bank of Vie t Nam will take over the stakes in the Southern Bank, currently Sacombank, and the new Sacombank from Be and his relatives, and appoint the central bank's officials to run the new bank after the merger. — VNS

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