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STRUGGLING VIETNAMESE BANKS FACE MERGER, LIQUIDATION.
HANOI, March 2 Asia Pulse - Poor-performing credit institutions have been told they could be forced to merge or be acquired by the State Bank of Vietnam if their collapse was seen to threaten the country's banking system.
A circular containing a draft plan for mergers and acquisitions of credit institutions by the central bank has been sent to the institutions and is available for public comment.
Under the draft plan, poor-performing credit institutions would be allowed to spontaneously merge or be acquired in order to remain or develop their business.
The draft plan states the goal is to set up larger scale credit institutions with better and safer performance and is in line with new regulations around the world.
In order to reduce or limit illegal insider trading in advance of mergers and acquisitions, the draft plan forbids members of the executive board, supervising board, general director and deputy general director at the credit institutions to transfer or contribute their stake or capital.
In cases where stake transfer or capital contribution is ...
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...to purchase foreign currency from credit institutions; to assign or adjust investment capital...mortgage land use rights to Vietnamese credit institutions (but not, despite many pleas, foreign banks). Offshore investments - for the...
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- News wire article from: AsiaPulse News July 21, 2006 700+ words
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Source: HighBeam Research, STRUGGLING VIETNAMESE BANKS FACE MERGER, LIQUIDATION.