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More Viet banks set for mergers amid pressure from govt

Thursday, May 7, 2015 - 05:50
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Shareholders at VietinBank gave approval on April 14 to merge with unlisted Petrolimex Group Commercial JSB. The number of merger announcements so far this year has outpaced consolidation activity in each of the past several years.

Hanoi

VIETNAMESE bank consolidation will accelerate this year as a new rule encourages lenders with stakes in each other to merge or unwind their holdings amid a government pledge to push unions and even force bankruptcies.

Renewed calls for restructuring come with teeth this time

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