HDBank acquires Société Générale VietFinance
(VOV) - The State Bank of Vietnam (SBV) has permitted a HCM City bank to acquire the 100% equity of Société Générale VietFinance (SGVF), one of the largest foreign-owned finance companies in Vietnam.
Accordingly, SGVF will become a subsidiary of the HCM City Development Joint Stock Commercial Bank (HDBank). This is the first transaction of its kind which will open up the possibility for other institutions in Vietnam to make acquisitions in order to establish a financial and banking group and contribute to reducing the number of financial institutions in line with the trend of restructuring commercial banks in Vietnam.
Le Thanh Trung, deputy general director of HDBank, said that with its stable growth, the bank will provide customers with modern, safe and convenient financial products and services.
He added that the bank maintains the whole system of human resources, customers and business partners.
SGVF is a wholly foreign-invested company that was licensed by the State Bank of Vietnam in 2007. Currently, the company has a total staff of more than 1,100 working in 42 provinces and cities across the country.