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| The new bank will have about 3,600 employees and nearly 200 branches and transaction offices around the country. Photo dantri.com.vn |
HA NOI (Biz Hub) — The State Bank of Viet Nam (SBV) has approved the plan to merge DaiA Commercial Joint Stock Bank (DaiABank) with HCM City Development Bank (HDBank).
The merger plan was agreed by shareholders of both banks in September.
Under a decision issued on Monday, the central bank governor tasked HDBank with receiving the entire assets, rights, obligations and legal interests of DaiABank. The decision will come to effect on December 20, 2013.
Following the merger, the new bank will have a chartered capital of VND8.1 trillion (US$380.7 million), 3,600 employees, and nearly 200 branches and transaction offices around the country.
HDBank was founded on January 4th, 1990 as one of the first commercial banks in the country. As of December 2012, it had 120 sales points covering major economic centres nationwide including HCM City, Ha Noi, Da Nang, Nha Trang, Binh Duong, Can Tho, Long An and Vung Tau.
DaiABank has been operating since July 30th, 1993 as the first joint stock bank in the southern province of Dong Nai. It began with a charter capital of VND 1 billion (US$47,619) and experiences of 20 years of rapid growth. Its charter capital now is VND 3.1 trillion ($147.6 million) and it has an operation network of nearly 70 branches and transaction offices nationwide. — VNS