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MDB to be merged into Maritime Bank

The Mekong Development Bank (MDB) is set to merge with the Vietnam Maritime Commercial Bank (Maritime Bank) to form an institution among the country's five largest banks in terms of charter capital.
The Mekong Development Bank (MDB) is set to merge with the VietnamMaritime Commercial Bank (Maritime Bank) to form an institution amongthe country's five largest banks in terms of charter capital.

Within 15 days after the State Bank of Vietnam’s decision takes effecton August 12, both banks must publicise their merger action andcomplete procedures in accordance with law.

Currently, Maritime Bank's charter capital is 8 trillion VND (373.8million USD) and MDB’s is 3.75 trillion VND (175.23 million USD),meaning the new banking institution will have a charter capital of 11.75trillion VND (549 million USD) and total assets of 113 trillion VND(5.28 billion USD).

With nearly 300 transactionoffices nationwide, the new institution is forecast to have the thirdlargest office network among commercial banks.

Themerger plan was approved at the banks' shareholders meeting last yearwith the aim to boost their financial strength and increasecompetitiveness.

According to the Dau tu(Vietnam Investment Review) newspaper, the State Bank expects six bankmergers and acquisitions this year.-VNA
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