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Habubank takeover gets approval

Update: June, 16/2012 - 06:44

HA NOI — The State Bank of Viet Nam (SBV) yesterday approved a plan to merge Habubank (HBB) and the Sai Gon-Ha Noi Bank (SHB).

The central bank also asked the two commercial banks to complete and submit a report on the merger based on the State's regulations on acquisition and mergers.

The Government and the SBV have encouraged credit organisations and commercial banks to carry out mergers and acquisitions in a bid to increase the competitiveness of domestic financial and banking services.-VNS

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