The State Bank of Vietnam issued Document No.6066/NHNN-TTGSNH on August 12 to approve in principle the merger of Southern Joint-Stock Commercial Bank (PNB) into Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) on the basis of voluntary of the two banks in line with Circular No. 04/2010/TT-NHNN dated February 11, 2010 on M& A of credit institutions.
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The merger of the above mentioned banks is in accordance with the orientation of restructuring the system of credit institutions as stipulated in Scheme on restructuring credit institution system for 2011 – 2015 period, which is promulgated with Decision No. 254/QĐ-TTg dated March 1, 2012 to encourage the M&A of credit institutions in volunteer principle, ensuring all legitimate rights and interests of depositors and rights and obligations of relevant sides in line with laws. The merger of the two banks is also another step to realize the Plan of restructuring the two banks approved by the Prime Minister.
The SBV will take over all the Sacombank shares owned by Sacombank Deputy Chairman Tram Be and his relatives and the SBV will assign officials to manage the new bank, ensuring safe and sound banking operation of the new bank after the merger.
TLH