Habubank-SHB merger deal completes

The State Bank of Vietnam (SBV) on late August 7 issued an official decision approving the merger between Hanoi Housing Development Bank (formerly known as Hanoi Building Commercial Joint Stock Bank – Habubank) and Saigon Hanoi Commercial Joint Stock Bank (SHB) whereby the Habubank name will no longer exist.

Revealing with the local Newswire VnExpress on late August 7, Nguyen Van Le, SHB’s general director said that the central bank signed a Decision No 1159 approving the merger between Habubank – HBB and SHB. Thus, after many months of implementing procedures, the SHB – Habubank merger deal has officially completed.

SHB’s general director said if taking the AGM (annual general meeting) on May 5 as a landmark, the merger process between Habubank and SHB has lasted for more than three months before being formally approved by the central bank. Thus, since August 7, the merged bank has used the name of SHB and the name of Habubank no longer exists.

Le said in the next days, the merged bank will gradually carry out the work to merge network, branches and the whole system of Habubank into SHB.

Under the announced merger proposal between the two banks, after the merger, the newly merged bank SHB will have total assets of more than 100 trillion dong (equalling to the size of the banks in the Group 12-G12 (a group of large banks)) and total chartered capital will be over nine trillion dong.

Earlier, in a talk with the press, SHB’s chair, Do Quang Hien, said that to get the system of branch, staff and customer network of HBB, SHB would have to take at least five years. Thus, with the merger with Habubank, instead of five years, SHB has shortened to three months, saving costs and time to bring SHB to a new height.

After the merger, the total number of staff of SHB will reach nearly 5,000. So far, both SHB and Habubank have about 54 branches and more than 150 transaction offices.

 

Category: Finance