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State Bank refutes Habubank M&A rumour

Update: March, 15/2012 - 10:01

HA NOI — The State Bank of Viet Nam on Tuesday denied rumours reported in the media that Sai Gon-Ha Noi Commercial Bank (SHB) had received approval from the State Bank to acquire Habubank (HBB).

"The State Bank hasn't received any proposals from SHB and HBB about a merger or acquisition" the State Bank wrote on its website. "Therefore, some media reports that the State Bank has authorised SHB to acquire HBB are incorrect."

Any official news about bank mergers and acquisitions (M&A) would be published on the State Bank's website and in other official news channels, it added.

"M&A among credit institutions will be closely supervised by the State Bank and functional agencies, thereby assuring the legal rights of depositors and the security of State assets," the State Bank affirmed.

HBB also issued a press release on Tuesday to deny the rumours.

"The news is inaccurate, without any basis in fact," the press release said. "This affects our prestige and our normal operations as well as the security of the entire commercial banking system, while simultaneously interfering with the stock market and possibly harming the interests of investors."

SHB's communications section, meanwhile, said it had no official news about any acquisition of HBB.

M&A and co-operation among commercial banks has been approved by Prime Minister Nguyen Tan Dung as part of an overall plan to restructure the banking system between 2011 and 2015. — VNS

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