Vietnam's Sacombank aims to complete Phuong Nam merger in 2015

April 22, 2015 3:18 AM

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HANOI, April 22 (Reuters) - Sacombank, Vietnam's sixth-largest partly private lender by assets, is aiming to complete this year a merger with unlisted domestic Phuong Nam Bank, the latest in a series of consolidation moves in the overcrowded financial sector.

Shareholders of the Ho Chi Minh City-based Sacombank have authorised the management board to seek permission for the merger within in 2015, Sacombank said in the statement to the stock exchange late on Tuesday.

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