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Tag Archive for ‘Merger’

PAN Food acquires Bibica in latest merger

The PAN Food empire marches on: the company just announced its successful acquisition of Bibica Corporation with 50.07 per cent of total share ownership. PAN Food first put up public bids for more than 1.12 million Bibica shares, stock code BBC on the HCM Stock Exchange, from July 6 to August 21, 2017, at VND112,800 […]

Vietnam proposes big breaks for special economic zones

The Ministry of Planning and Investment (MPI) has proposed major incentives including prolonged income tax exemptions for businesses and individuals working in special economic zones in three provinces. The investment incentives are contained in a draft Law on Special Administrative-Economic Units that the ministry has prepared for submission to the Government and the National Assembly […]

Securities Companies In Vietnam Trying to Brave Storm

Up to 56 out of over 100 securities companies in Vietnam reported losses in the third quarter of 2012. Securities brokerage houses suffered a combined net loss of VND212 billion but the earnings reached VND1,100 billion in the first nine months. Many have to restructure to survive in the raging storm. Total revenues of 100 securities companies grossed VND2,107 billion in the third quarter, totaling VND7,864 billion in the three quarters. They suffered from a combined loss of VND212 billion in the third quarter but still earned VND1,100 billion of profits in the January – September period…

Vietnam Bank Restructuring Should Continue Apace: Experts

The State Bank of Vietnam has confirmed that four commercial banks – GP Bank, Navibank, TrustBank and Western Bank – will be restructured by the end of this year because of their weak liquidity. The central bank has not, however, revealed what steps the four banks will take in their restructuring process. Experts agree the move will help improve the quality of the banking system, but say it should have happened earlier. Economist Bui Kien Thanh said, “The restructure should have been done sooner. Amidst low liquidity, the weak banks may offer high deposit interest rates to raise funds, causing…

Duo Look For Mega Merger In Vietnam

A potential merger between two top-tier private creditors Sacombank and Eximbank would create a new giant in Vietnam’s financial system. According to Sacombank’s new chairman Pham Huu Phu, Sacombank was interested in merging with Eximbank. “That’s our idea, but we need to do research and outline a suitable road map.This will suit the State Bank’s […]

Brokerage sells Eximbank shares to 3.93%

HA NOI (VNS)- ACB Securities Company announced it had sold more than 9.7 million Eximbank (EIB) shares to reduce its ownership in the bank to 3.93 per cent on November 6. Meanwhile, Asia Commercial Bank (ACB) – the parent bank of the brokerage – is holding more than 12.8 million EIB shares. The combined ownership of ACB Securities and its subsidiary in Eximbank are currently 61.4 million units, or 4.97 per cent of the bank’s charter capital. Eximbank’s Q3 profit dropped 45 per cent to VND561.3 billion US$27 million over the same period last year. Meanwhile, it is rumoured in a merger with…

Vietnam’s Bank Chief To Be Queried Over Irresponsible Comment

Nguyen Van Binh, governor of the State Bank of Vietnam, has received 361 requests from National Assembly delegates to make a formal explanation on Tuesday over a statement he made last week. With such number of requests, Binh is the Government member having received the most questions after stating “as the governor of the State Bank of Vietnam, I could not promise anything about the handling of non-performing loans (NPL), or bad debt,” in a National Assembly (NA) meeting…

Pollution taints Vietnam’s national icon

Several areas of Ha Long Bay, the newly-voted world wonder in northern coastal Quang Ninh Province, are seriously polluted. A test conducted by the bay’s management board in June revealed that water near the shore contained excessive quantities of oil, although 43 other locations across the bay were not polluted. The ports of Nam Cau […]

Vietnam Financial Networks Forge Alliance

HA NOI (VNS)— Smartlink Card Joint Stock Co will merge into the Viet Nam National Financial Switching Joint Stock Co (Banknetvn) this year in what will be a major step towards the unification of the country’s financial networking alliances, it has been reported. Several online newspapers said that a memorandum of understanding for the merger was to be signed Wednesday, but Viet Nam News wasn’t able to confirm the news. A Banknetvn officer said that no such event took place. A source from the State Bank of Viet Nam said that auditing and valuation procedures for…

Merger rumours surround Sacombank, Eximbank

HA NOI (VNS)— Speculation surrounding the potential merger of the banks Sacombank (STB) and Eximbank (EIB) has increased in recent days after the departure of STB founder and chairman Dang Van Thanh and a big increase in share activity. On Tuesday, 21.3 million EIB shares swapped hands at a value of VND15,300 (US$0.7) each. Sixty-three million stocks were traded in three successive sessions from October 29 to November 1. During the last two months, 298 million EIB shares worth more than VND1.6 trillion ($76.1 million), were traded, accounting for 13 per cent of the bank’s charter capital. Meanwhile…