Vinacomin to transfer capital at Finance company to VPBank

The Government has agreed in principles to allow the Vietnam National Coal and Minerals Industries Group (Vinacomin) to sell all of its charter capital at Vinacomin Finance Company (CMF) to Vietnam Prosperity Bank (VPBank).

The State Bank of Vietnam also agreed in principles on its Official Document No 3707/NHNN-TTGSNH dated 30 May 2014 for VPBank’s acquisition of CMF.

Pursuant to the official document No. 3221/VPCP-KTTH dated 8 May 2014 issued by the Government Office, on behalf the Prime Minister, Deputy PM Vu Van Ninh agreed in principles and asked two parties to follow laws on merger, consolidation and acquisition of credit institutions as well as relevant provisions of applicable laws.

Deouty PM also allowed Vinacomin’s Board of Members to decide within their authority the charter capital sale at CMF to VPBank on the basis of capital preservation and efficiency. The two sides have been implementing further steps to complete the deal.

A representative of VPBank leadership said that after completing the acquisition of CMF, the bank will shift all current credit activities to a new company with the aim of making the operation more professional and bringing better benefits to customers.

VPBank’s and Vinacomin’s leadership shared that the sale of share at CMF was to implement the divestment of state-owned enterprises from non-core businesses and restructuring credit institution system, as well as realize the bank's orientation to focus on consumption credit services as part of VPBank’s retail strategy to become one of the three leading retail joint-stock commercial banks by 2017.

For more information, please contact: 1900 545 415 or 04 3928 8880 or visit VPBank website:

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