The Bank for Investment and Development Vietnam (BIDV) and the Mekong Housing Bank (MHB) signed the official merger agreement on May 25, completing the integration of MHB into BIDV.
The Bank for Investment and Development Vietnam (BIDV) and the MekongHousing Bank (MHB) signed the official merger agreement on May 25,completing the integration of MHB into BIDV.
As aresult, MHB’s network of 44 branches and 187 offices throughout Vietnamwill operate under the name BIDV from May 25 onwards.
BIDV General Director Phan Duc Tu said the merger helped the bankincrease its total assets to more than 700 trillion VND (32.1 billionUSD) and its charter capital to 34 trillion VND (1.56 billion USD) inline with the expansion of its office network to almost 1,000 brancheswith 24,000 employees.
A swap ratio of 1:1 is beingapplied to the merger, which maintains the status quo and guarantees allthe rights and interests of account holders, shareholders andemployees, Tu noted.
BIDV Chairman Tran Bac Haexplained further that the merger was part of the Government’s CreditInstitutions Restructuring Plan for 2011-2015.
Thismove will not only expand BIDV’s network of offices and clients, butalso boost its capacity to provide services for the agricultural sectorin the Mekong Delta region, which was one MHB’s strengths, he added.-VNA
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