Vietnam Post (VNPost) will sell Vietnam Postal Savings Service Co (VPSC) to Lien Viet Bank as capital contribution.
“Then VNPost will own 18 percent of stake at Lien Viet Bank,” said the bank’s spokeswoman Tran Thi Mai Anh. “The merge is expected to be done by the end of June.”
The deal received approval at the bank’s shareholder meeting. When it’s completed, the Hau Giang-based bank will take advantage of VPSC’s wide network, which has more than 1,300 units nationwide.
The bank’s pre-tax profit in the first quarter reached 180 billion VND (9.47 million USD) with total assets worth 21,000 billion VND (1.1 billion USD).
In 2010, LienVietBank aims to have total assets worth 60 trillion VND (3.15 billion USD) and pre-tax profits of 900 trillion VND (47.3 million USD). The bank also hopes to raise its charter capital to 5.160 billion VND (271.5 million USD) and expand its total branches in the country to 70.
LienVietBank is also planning to establish securities companies, a debt and asset management company, and wants to become a financial corporation in 2010./.
“Then VNPost will own 18 percent of stake at Lien Viet Bank,” said the bank’s spokeswoman Tran Thi Mai Anh. “The merge is expected to be done by the end of June.”
The deal received approval at the bank’s shareholder meeting. When it’s completed, the Hau Giang-based bank will take advantage of VPSC’s wide network, which has more than 1,300 units nationwide.
The bank’s pre-tax profit in the first quarter reached 180 billion VND (9.47 million USD) with total assets worth 21,000 billion VND (1.1 billion USD).
In 2010, LienVietBank aims to have total assets worth 60 trillion VND (3.15 billion USD) and pre-tax profits of 900 trillion VND (47.3 million USD). The bank also hopes to raise its charter capital to 5.160 billion VND (271.5 million USD) and expand its total branches in the country to 70.
LienVietBank is also planning to establish securities companies, a debt and asset management company, and wants to become a financial corporation in 2010./.
