MHB officially merged into BIDV
The Bank for Investment and Development of Vietnam (BIDV) and Mekong Housing Bank (MHB) signed a deal to hand over the overall system and announced the merger MHB into BIDV, on May 25th, in Ho Chi Minh city.
The entire merger process was completed within 55 days after the State Bank of Vietnam (SBV) issued a decision on establishing the Steering Committee for the merger and within only 1 month after Governor of the SBV issued decision 589/QD-NHNN approving the merger.
After May 22nd, 2015, MHB brand was officially dissolved. From May 25th, 2015, all branches of MHB have been operated under the name of BIDV.
BIDV also completed procedures of merger announcement, business registration, stock swap, etc. Earlier, 44 MHB branches completed the procedures and signed merger handover minutes with BIDV.
BIDV General Director Phan Duc Tu said after the merger, BIDV’s total assets will increase to over VND700 trillion with charter capital of over 34 trillion, network of nearly 1,000 transaction points nationwide and nearly 24,000 officers and employees.
The overarching principle of the merger is that BIDV will inherit and ensure all legal interests of customers, shareholders and employees of the two banks. The merger was implemented on the basis of the stock swap ratio at 1:1./.
( Hoang Quan )