A possible merger between Ho Chi Minh City Development Bank and DaiABankrevealed two weeks ago was ignored at DaiABank's annual shareholdermeeting on May 10.
Only 52 percent of shareholdersattended the function in southern Bien Hoa City, but majorshareholders were noticeable by their absence. Talks are expected toreopen on May 29, said a spokesman for DaiABank.
According toQuach Van Duc, DaiABank's chairman, the important news was not announcedbecause negotiations are still underway.
Meanwhile, on April25, Le Thi Bang Tam, chairwoman of HDBank, told media the two banks wereset to wrap up the legal formalities for the merger, which has beenapproved by the State Bank.
Tam said her bank hired anunidentified consulting company to advise on the merger and find aforeign partner for the merged entity.
Dai A Commercial JointStock Bank, based in southern Dong Nai Province since 1993, has capitalof 3.1 trillion VND (147.6 million USD) while the HDBank, set up in HCMCity three years earlier, has capital of 5 trillion VND (380.9 millionUSD).
According to SBV Governor Nguyen Van Binh, mergers are expected to make smaller banks financially stronger.
The merger of Western Bank and PetroVietnam Finance (PVF) wasannounced in March. Three smaller banks also merged into the SaigonCommercial Bank last year.
In 2011, a merger also took placebetween First Commercial Joint Stock Bank, Vietnam Tin Nghia CommercialJoint Stock Bank, and Sai Gon Commercial Joint Stock Bank (SCB). Twobanking giants, Eximbank and Sacombank, also plan to merge in the nextthree to five years.-VNA
Only 52 percent of shareholdersattended the function in southern Bien Hoa City, but majorshareholders were noticeable by their absence. Talks are expected toreopen on May 29, said a spokesman for DaiABank.
According toQuach Van Duc, DaiABank's chairman, the important news was not announcedbecause negotiations are still underway.
Meanwhile, on April25, Le Thi Bang Tam, chairwoman of HDBank, told media the two banks wereset to wrap up the legal formalities for the merger, which has beenapproved by the State Bank.
Tam said her bank hired anunidentified consulting company to advise on the merger and find aforeign partner for the merged entity.
Dai A Commercial JointStock Bank, based in southern Dong Nai Province since 1993, has capitalof 3.1 trillion VND (147.6 million USD) while the HDBank, set up in HCMCity three years earlier, has capital of 5 trillion VND (380.9 millionUSD).
According to SBV Governor Nguyen Van Binh, mergers are expected to make smaller banks financially stronger.
The merger of Western Bank and PetroVietnam Finance (PVF) wasannounced in March. Three smaller banks also merged into the SaigonCommercial Bank last year.
In 2011, a merger also took placebetween First Commercial Joint Stock Bank, Vietnam Tin Nghia CommercialJoint Stock Bank, and Sai Gon Commercial Joint Stock Bank (SCB). Twobanking giants, Eximbank and Sacombank, also plan to merge in the nextthree to five years.-VNA
