Maritime Bank has received approval from the State Bank to acquire the Textile and Garment Finance JSC, an affiliate of the Vietnam National Textile and Garment Group.

State Bank Governor Nguyen Van Binh issued the decision on June 12, saying that it would take effect on July 6. The company will be renamed Maritime Bank Finance Company Limited.

A shareholder meeting was told in May that the acquisition would turn the firm into a consumer finance company.

The bank will also complete a merger with the Mekong Development Bank in the second quarter.

The new institution will have 11.75 trillion VND (560 million USD) in equity and 113 trillion VND (5.38 billion USD) in total assets.-VNA