LienVietPostBank’s general director, Pham Doan Son, has denied rumours about the bank merging with Sacombank.

Rumours about the merger have been afloat since LienVietPostBank’s former chairman, Duong Cong Minh, became Sacombank’s chairman and Him Lam Co’s divestment from LienVietPostBank. Minh last week also registered to buy an additional 18 million shares of Sacombank, expecting to raise his stake at the bank to 3.15 per cent.

Son affirmed that there will be no merger, adding that LienVietPostBank’s business performance is currently very good and will be even better in the next few years, so that it does not need to merge with anyone.

According to Son, LienVietPostBank has gradually become strong with more than 200 bank transaction offices and more than 1,000 post offices, which have eased the bank in capital mobilisation and lending. The bank’s mobilised capital and lending through the post offices last year reached more than VND40 billion (US$1.76 million) and VND14 trillion, respectively. It also makes retirement salary payments through the post offices.

By September 30, the bank’s capital adequacy ratio (CAR) was good, at 11 per cent, as against the central bank’s 9 per cent regulation.

The bank also nearly meets the 2017 pre-tax profit plan of VND1.5 trillion as it gained a pre-tax profit of VND1.45 trillion in the first three quarters.

LienVietPostBank will be listed on UPCoM this Thursday at an initial price of VND14,800 per share. — VNS