Shareholders of TinNghiaBank, Saigon Commercial Bank

Shareholders of TinNghiaBank, Saigon Commercial Bank, and De Nhat, or Ficombank yesterday approved a merger between the three lenders.

They also voted at their respective shareholder meetings in HCM City to call the new entity Saigon Commercial Bank, which will take over the operations of all three banks.

One temporary board will be set up to complete the necessary procedures for the new bank to begin operations.

After the State Bank of Viet Nam approves the merger in principle, the new entity will hold a general shareholders meeting, possibly on December 23.

The bank will have a chartered capital of almost VND10.584 trillion (US$ 504 million), the aggregate of the three banks’ capitals.

Shareholders of the three banks will get one share in the new bank for every share they hold.

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