Business

VPBank get nods to acquire Vinacomin finance firm

The State Bank of Vietnam has allowed Vietnam Prosperity Bank (VPBank) to acquire Vietnam National Coal - Mineral Finance Company (CMF), the Saigon Times Daily reported on July 2.
The State Bank of Vietnam has allowed Vietnam Prosperity Bank (VPBank)to acquire Vietnam National Coal - Mineral Finance Company (CMF), theSaigon Times Daily reported on July 2.

VPBank will have responsibility to take over all assets, rights and obligations of the finance firm.

Within15 working days since the decision took effect on June 30, VPBank willhave to complete procedures to change all licences of the finance firmunder current laws and regulations.

With total registered capitalof 1 trillion VND, CMF will be renamed as VPBank Finance CompanyLimited after being acquired by the unlisted lender.

Early lastmonth, the Government gave ‘in principle’ approval to Vietnam NationalCoal and Mineral Industries Holding Corporation Limited (Vinacomin) tosell all its chartered capital at CMF to VPBank.

Viet CapitalSecurities Company (VCSC) in a recent daily report said this move ispart of the bank’s plan to become a leading retail bank in Vietnam by2017.

VPBank also is seeking foreign strategic partners, with amaximum expected share sale of 30 percent of its registered capital.Last year Singapore-based Oversea-Chinese Banking Corporation (OCBC)sold their stake in VPBank, VCSC said.

The restructuring processof the nation's financial system is considered one of three pillars ofthe economic reform unveiled in late 2012. The two other pillars arepublic investment and state-owned enterprises.-VNA
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