HANOI, March 7 (Reuters) - Vietnam’s Sacombank could merge with Phuong Nam Bank(Southern Bank), 20 percent owned by Singapore’s United Overseas Bank, if the plan is approved by shareholders later this month, a state-run newspaper reported on Friday.
“Phuong Nam Bank’s Management Board has proposed to merge with Sacombank and it has been approved by Sacombank’s Management Board,” the newspaper quoted Chief Executive Officer Phan Huy Khang of the Ho Chi Minh City-based Sacombank as saying.
Sacombank will publish details of the merger plan as part of its shareholder meeting agenda scheduled for March 25, Khang was quoted as telling the newspaper in an interview on Thursday. Phuong Nam bank is also based in Ho Chi Minh City. (Reporting by Ho Binh Minh; Editing by Paul Tait)