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Vietnam outlines major bank mergers in 2015: central bank

Monday, January 12, 2015 - 16:48
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Vietnam's central bank on Monday announced several merges expected in 2015 in one of its biggest moves to consolidate and restructure a clogged banking sector plagued by bad debt.

[HANOI] Vietnam's central bank on Monday announced several merges expected in 2015 in one of its biggest moves to consolidate and restructure a clogged banking sector plagued by bad debt.

Among six to eight mergers expected this year, Vietcombank , Vietnam's top lender by market value, could merge with unlisted Saigon Bank for Industry and Trade, the State Bank of Vietnam said in an emailed statement.

Hanoi-based VietinBank may merge with unlisted OceanBank, and lender BIDV would take similar steps with Mekong Housing Bank, the statement said.

VietinBank could also merge with Petrolimex Bank, the statement said.

REUTERS