MDB to be merged into Maritime Bank
The Mekong Development Bank (MDB) is set to merge with the Vietnam Maritime Commercial Bank (Maritime Bank) to form an institution among the country's five largest banks in terms of charter capital.
Within 15 days after the State Bank of Vietnam (SBV)’s decision takes effect on August 12, both banks must publicise their merger action and complete procedures in accordance with law.
Currently, Maritime Bank's charter capital is US$373.8 million and MDB’s is US$175.23 million, meaning the new banking institution will have a charter capital of US$549 million and total assets of US$5.28 billion.
With nearly 300 transaction offices nationwide, the new institution is forecast to have the third largest office network among commercial banks.
The merger plan was approved at the banks' shareholders meeting last year with the aim to boost their financial strength and increase competitiveness.
According to the Dautu (Vietnam Investment Review) newspaper, the State Bank expects six bank mergers and acquisitions this year.
Currently, Maritime Bank's charter capital is US$373.8 million and MDB’s is US$175.23 million, meaning the new banking institution will have a charter capital of US$549 million and total assets of US$5.28 billion.
With nearly 300 transaction offices nationwide, the new institution is forecast to have the third largest office network among commercial banks.
The merger plan was approved at the banks' shareholders meeting last year with the aim to boost their financial strength and increase competitiveness.
According to the Dautu (Vietnam Investment Review) newspaper, the State Bank expects six bank mergers and acquisitions this year.