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Saigon-Hanoi Commercial Bank to issue 100 million shares as part of merger

Saigon - Hanoi Commercial Joint Stock Bank will issue 100 million shares amounting to 1 trillion dong as part of its merger plan with Vinaconex-Viettel Finance JSC, Viet Nam News reported Dec. 20, citing a statement from the bank.

Under the plan, all Vinaconex shares will convert into Saigon-Hanoi shares at a 1:1 ratio, at a price of 10,000 dong per share.

Vinaconex shareholders have until Jan. 12, 2017, to register to swap their shares.

The bank plans to restructure Vinaconex into SHB Consumer Finance Co. Ltd., beginning operations in early 2017. It will initially provide consumer credit services to individual customers with annual income ranging from 150 million dong to 200 million dong before eventually offering its services to customers with lower income levels.

As of Dec. 20, US$1 was equivalent to 22,762.50 Vietnamese dong.