Transactions are being taken at MBBank. The bank has increased its charter capital to VND16.31 trillion after merging with Song Da Finance Company. - Photo nld.com.vn

HÀ NỘI (VNS) — The Military Joint Stock Commercial Bank (MBBank) has increased its charter capital from VND16 trillion (US$716.6 million) to VND16.31 trillion after merging with Song Da Finance Company (SDFC).

The bank issued 31.1 million shares, equivalent to VND311 billion to swap MBB shares with SDFC shares.

The ratio between SDFC shares and MBBank shares is 2.2:1.

MBBank announced the merger with SDFC in an extraordinary shareholder meeting in October last year.

The new finance company - MB Finance Co Ltd (MB Finance) is expected to have a charter capital of VND500 billion.

In the first two years, MB Finance will be equipped with facilities, personnel and a distribution network to enter the consumption finance market. The new company will expand its market share and operations, and diversify its products and customers from the third year of operations. —VNS