Vietnam Maritime Commercial Joint Stock Bank (MSB) held its Annual General Meeting of Shareholders on April 21, 2023. At the meeting, the Board of Directors proposed a merger with another credit institution in Vietnam.
However, only over 56% of the voting shares approved the merger plan, which did not meet the minimum requirement of 65% for approval. Therefore, the proposal was not approved by the General Meeting of Shareholders.
During the meeting, MSB’s management explained that the merger aimed to take advantage of the merged bank’s network, personnel, and professional activities to increase the scale of MSB’s operations and implement the bank’s digitalization strategy.
This was in line with the Government and the State Bank’s policy on restructuring the system of credit institutions and dealing with bad debts.
MSB has previous experience in successful mergers, including the merger with Mekong Development Commercial Joint Stock Bank (MDB), the acquisition of Textile Finance Company, and supporting people’s credit funds under the direction of the SBV.
The report presented at the meeting stated that the credit institution to be merged into MSB is a commercial bank operating normally in Vietnam, with a total asset value and equity criteria at the average level in the market and good credit quality.
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Source: Vietnam Insider