22 April 2010
On 11 February 2010, the State Bank of Vietnam ("SBV") issued Circular No. 04/2010/TT-NHNN regulating merger, consolidation and acquisition of credit institutions ("Circular 04").
A credit institution means a bank, finance company, finance leasing company or a credit co-operative.
A merger means one or more credit institutions
merging with another credit institution; a consolidation means two or more credit institutions consolidating to become one new credit institution; and an acquisition means a credit institution purchasing another credit institution.
Circular 04 opens the door for future M&A deals in the financial sector and replaces an old circular issued in 1998 which applied only to the merger, consolidation and acquisition of joint stock credit institutions.
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