City banks link arms to form giant venture

Three HCM City based commercial banks have been allowed to merge, according to Governor of the State Bank of Viet Nam Nguyen Van Binh.

Those involved include De Nhat Commercial JS Bank, Viet Nam Tin Nghia Bank and Sai Gon Bank.

The Bank for Investment and Development of Viet Nam will be the official representative for State capital in the new enterprise.

This has been the first domestic merger since the central bank announced its overhaul plan last month, aimed at restructuring domestic banking.

(source: VNS)

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