Shareholders of the HCM City Development Bank approved plans to acquire Dong Nai-based DaiABank on September 28.— Photo vietstock

HCM CITY (Biz Hub) – Shareholders of the HCM City Development Bank approved plans to acquire Dong Nai-based DaiABank on September 28.

Shareholders of Dai A Commercial Joint Stock Bank, to give its formal name, had cleared the decks for the acquisition three days earlier, and the bank has already completed the formalities.

Following the takeover, the bank will have a chartered capital of VND8.1 trillion (US$380.7 million), 3,600 employees, and 200 branches and transaction offices around the country.

HDBank shareholders also approved acquisition of French-owned Societe Generale Viet Finance, one of the largest foreign finance companies in Viet Nam.

The deals are aimed to creating a stronger bank and are part of an overarching plan to restructure the banking system initiated by the State Bank of Vietnam two years ago.

In 2011 Ficombank, Tin Nghia Bank, and SCB agreed to merge to avoid a liquidity crunch, and in 2012 Saigon-Hanoi Bank (SHB) acquired the struggling Hanoi Building Bank (Habubank). — VNS