Sacombank and Southern Bank

Abstract

Oct. 1st 2015, Southern Bank was officially merged with Sacombank. Sacombank's EGM voted for the merging on July 11, 2015 followed by SBV decision 1844/QĐ-NHNN dated Sept. 14, 2015 approving the merging of the two banks. Nov. 11, 2015, Mr. Tram Be, major shareholder of both Sacombank and Southern Bank resigned from Sacombank Board of Director as its Vice Chairman due to "personal reason". According to SBV Deputy Governor Nguyen Phuoc Thanh, "the voluntary merging of Sacombank and Southern Bank is in line with the government and SBV policy on restructuring of the banking system, which aims to build up a healthy and large bank that can serve the economy well and is strong enough to internationalize."