Hanoi-based unlisted Maritime Bank will issue 375 million new shares to merge with Mekong Development Bank, a smaller unlisted lender, the Vietnam Economic Times newspaper reported, citing the merger contract.
The new entity will carry the name Maritime Bank, with a registered capital of 11.75 trillion dong ($545 million), the report said.
Their merger plan, as part of the country’s banking sector reform, has won central bank permission late last month.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Hanoi Newsroom; Editing by Anand Basu)