► There has been quite a long time to learn each other, but they are happy "in a home"? ...
Transactions at HD Bank and DaiABank.
After
the Annual General Meeting of Shareholders in 2013 was two days 15/6, a
number of important positions in the governance structure, operating
controls and Dai A Bank (DaiABank) has changed and supplemented. A triangular relationship has been established between the bank with HCM Development Bank (HD Bank) and SOVI Holdings.
It is the position of Chairman of the Board, CEO DaiABank, the Supervisory Board members who are former or SOVI HD Bank.
With
these changes, along with the results of the second meeting, the merger
process DaiABank with HD Bank has made another important step. The official "in a home" is probably just the time and the technical steps in accordance with law.
There are times of stress ...
The ability to "marriage" between the two banks had attracted the attention of the market in January 10/2012. On
the threshold of events, public opinion emerging cross-ownership issues
in the system of credit institutions Vietnam; investors to discuss
divestment transaction of some clues, and probably not random context is associated with a disturbance of some well-known individuals in the industry ...
10/2012 and HD Bank DaiABank memorandum signed cooperative principles. Few days later, the State Bank has agreed in writing of the guidelines merger between the two parties. Also
note that this was the plan voluntarily restructuring, other than
mandatory, so it may be the destination or not, associated with the
right to self-determination.
Therefore,
negotiations, negotiations concerning the transfer between investors
and large shareholders prolonged, sometimes even stress.
According
to the understanding of Bloomberg, just ahead of the annual meeting of
shareholders in 2013, stakeholders and leaders State Bank has also sit
back, but a failed congress. So
far, the main cause has been considered in the structure of the
program, lack of content changes, additional senior personnel that a
group of major shareholders (and new) unwanted (?).
Before
and after the congress, talk with Bloomberg, a number of shareholders
have expressed DaiABank said tension in some transfer transactions is
crucial, yet to find a common voice. Even before it has doubts about the financial capability of the new investors. This is one of the reasons that the progress of the restructuring plan DaiABank lasts.
"Cooperation growth and development is a common desire. But
note that this is voluntary and there DaiABank its position, not sale
or merger at any cost ", is also a shareholder and officer of DaiABank
said, and each refers to the ability of the shadow a third partner.
English is generally above about benefits. Meanwhile, stress is also a psychological component expression in some bank staff is. Chat
with Bloomberg after a congress, an officer said DaiABank, HD Bank
plans to cooperate with and information on the market is causing
internal psychological disadvantage certain. They fear business is affected, customers may concern.
Furthermore,
assuming "marriage" success, leadership structure coupling two bodies
when things turn out if desired, when the executive's hard to have too
many members, or two equal leaders in a block? Or income of workers will change how? These questions are completely different position to accept a forced bank merger, or the merger only.
Inevitable path?
General Meeting of Shareholders in 2013 was successful both times. A few days later, a number of key positions have changed. Triangular relationship between DaiABank, HD Bank and SOVI officially established before the public eye.
Bloomberg's sources said the investor group - The new shareholders have ownership rate of 50% in order to promote their goals. Perhaps DaiABank merging with HD Bank is only time when a common voice among the major shareholders have achieved. It aims to be the "marriage" of following or not happy?
DaiABank
is a small bank, the charter capital of VND 3,100 billion, total assets
at the end of 2012 was 17,910 billion, with 64 outlets. Sharing
the context of the industry, but in this bank operations more difficult
when profits fell sharply compared to the previous year (about 50%) and
bad debt at high levels (5.28%, an increase of 473.91% ).
Besides
the size and competitiveness modest operations revealed difficulties, a
more typical demand for stronger cooperation in this bank is the only
increase in 2012 was only 1 point transactions.
Shaking hands with HD Bank, they will have the same size of a "big" in the system. Assuming
the merger is successful, then the bank will have charter capital of
VND 8,100 billion, total assets of 70,000 billion. And
they have a partnership with the business results are quite impressive
in 2012 (the HD Bank's business targets are exceeded, and the basic
financial indices according to information published quite good compared
to many banks Other trade).
Or
that an officer detailed DaiABank mention when talking to Bloomberg:
Hanoi, if the merger would be a good complement to the network, while
the local banks will be important enough without smothering overlap is to be eliminated or collected.
However, a leader of DaiABank said, though he is small, but banks have strong governance and control. Many years operating stability, efficiency even years longer than the HD Bank. So here is the merger of two powerful resources together to create new advantages to greater competition in the market.
However, the leaders said that cooperation with other banks is inevitable path of development. The remaining problem is both sides happy? There are many factors, but much will depend on the capacity management, real leaders of the structure after the merger. Because
both from a small and medium banks, "overnight" become a "big" and
whether being overwhelmed and short-scale power management, operating or
not.
Despite many difficulties and challenges ahead, but this situation DaiABank merged with HD Bank has nearly finalized. But
still need a key technical conditions: the two sides will continue to
hold the extraordinary meeting of shareholders, and under paragraph 3,
section c of the Law on Credit Institutions, must be representative of
the Shareholders on 65 % of voting rights of all shareholders to attend the meeting, shall be through the merger.
► At the current price, cheapest SJC is from May 3/2011 to now ..
The chart shows the international gold price is falling (green line) - Source: Kitco.
International
gold prices lost nearly 50 USD / oz this afternoon, pulling domestic
prices "evaporated" just 1 million / tael compared to the morning at the
open.
At
16:30 this afternoon, the Group reported DOJI Jewelry SJC Hanoi market
at 37.2 million dong / tael (purchase) and 37.55 million / tael (sold
out), down 890,000 dong / tael for buying and 840,000 dong / tael compared to the first sale day.
At
the same time the market in Ho Chi Minh City, SJC gold price listed in
the Company's Saigon Jewellery (SJC) on milestone slipped 37.2 million /
tael and 37.55 million / tael, respectively purchase price and the selling price. Compared
to the early hours of the morning, the price of gold in this business
is down 1.15 million / tael for buying and fell 1 million / tael for
sale.
A fall in the price of gold in the country is causing major downward pressure on domestic prices. Since the beginning of this coming week, SJC gold price decreased by 1.8 million / tael. At current prices, the SJC is the cheapest since May 3/2011 to present.
However, the domestic gold price does not reflect the rate of decline of the international gold price. This is reflected in the gap between domestic prices and world widened.
At
the time more than 16h Vietnam this afternoon, spot gold prices in the
European market equivalent of 31.7 million / tael, lower retail SJC
nearly 5.9 million / tael. A few days ago, the domestic gold price differences-even in the world at around 5 million / tael.
Gold prices dropped sharply causing the holders of gold witnessed a loss of property value. Many people buy gold when the price was falling in mid-April. Meanwhile, SJC sold down to 39.5 million / tael. If selling gold to go with the moment, those who buy gold when there was a loss of 2.3 million within about 2 ½ months.
Free
USD in Hanoi this afternoon, down 10 compared to the morning, also
common in the afternoon at 21290-21300 and 21320-21330 purchased at the
selling side.
At
16h25 Vietnam now, spot gold prices on the international market dropped
44.6 USD / oz, equivalent to a decrease of 3.5%, compared with the
previous session to close in New York, and $ 1,234 / oz.
Reuters said the international gold price is lowest in 3 years.
Gold
is under huge pressure off the positive statistics about the U.S.
economy strengthened expectations the U.S. Federal Reserve (Fed) will
narrow the quantitative easing policy in the next few months.
Fed spending time each month to buy $ 85 billion of assets to support growth. The
Fed is pumping money increases the risk of inflation, which is
beneficial for gold for this property is investment channels most
effectively fight inflation.
The ability to cut the Fed easing has driven many organizations to cut gold forecasts. Most
recently, HSBC cut its forecast for gold prices in 2013 to average $
1,396 / oz from $ 1,542 / oz was launched in the previous forecast. The average gold price forecast for 2014 is also $ 1,435 lower HSBC / oz from $ 1,600 / oz.
In
addition, analysts said that the global stock market rally and yields
on U.S. Treasuries rose also reduce the attractiveness of gold.
Demand for physical gold is not strong enough to support the gold price. China's economy is showing downtrend, while India sought to limit imports of gold to control the current account deficit. India and China
► Only 4 days left to term 30/6, the time that the credit institutions to settle the status of gold ...
In the last 35 sessions, the State Bank has sold more than 34 tons of gold.
The auction will be the 36th Golden State Bank held on Thursday morning of this week, the bid amount is 40,000 gold.
State Bank said, tomorrow morning (27/6), the agency will conduct auctions next gold. The volume of this session is offered 40,000 taels of SJC of each piece 1, or 1.5 tons of gold. The high bid is half over recent sessions.
The gold version is offered 36 sessions since the start of the State Bank gold bidding on 28/3, which is nearly 3 months ago. This is the Monday auction held this week.
Only 4 days left to term 30/6, the time that the credit institutions to settle the status of gold. Thus, from now until that time, perhaps only 2 gold auction, including tomorrow.
In the last 35 sessions, the State Bank has sold more than 34 tons of gold. Gold is said to be mainly banks gathered to finalize the state, instead of providing a market for sale to investors.
Previously, many ideas that demand to buy gold from banks to settle the warping caused domestic prices to world prices far. However, the difference between the domestic price and the world is growing, despite the large amounts of gold have been sold. The
time difference in the price of gold in international water-nearly 6
million / tael, from where the difference is less than 3 million / tael
at the time of starting bidding gold.
International gold prices fell sharply in recent days, the lowest level in three years in this way. Domestic gold prices also lowered the nearly 37 million dong / tael, the lowest in more than 2 years.
Reference the State Bank announced the gold auction tomorrow is 37.7 million / tael. However, this is only the cost to the deposit value.
It is unclear when the credit institution shall finalize completion status of the State Bank to continue bidding or not gold. Also, it is not clear disparity domestic price and world events will happen after 30/6.
Some traders said gold, gold price difference will decrease after that time, but will not decrease as much as people expect. If you look at the world price, the sale price of SJC gold at the upper end 32 million / tael.
► Close the session, spot gold prices fell $ 52.4 / oz, down 4.1%, equivalent to ...
Spot gold price movements on the international market session 26/6 (green line) - Source: Kitco.Anhui
It takes more than 4% of the closing session last night, the world gold price down to near the lowest level of 3 years. U.S. stock market rally as the attractiveness of gold that decline.
At
the close of trading in New York, spot gold prices fell 52.4 USD / oz,
equivalent to a 4.1% decrease compared with the previous version, and $
1,226.2 / oz.
This
decline appeared earlier in the afternoon session in the London market
and has been reflected in the price of gold in Vietnam. Yesterday afternoon, SJC gold price fell to close to 37 million dong / tael, the lowest in more than 2 years.
Gold prices fell yesterday despite U.S. government statistics put the Q1 GDP growth adjusted lower initial data. The
U.S. Commerce Department said that in the past one quarter, GDP
increased by only 1.8% instead of 2.4% as the figures given earlier.
Over the past days, Americans are more positive economic data being transmitted. The
statistics thus increasing the assessment that the U.S. Federal Reserve
(Fed) will narrow the scale of quantitative easing (QE) in the coming
months. This increases the pressure on the gold prices.
In contrast, the bad news about the U.S. economy at this point can help support gold prices. Nevertheless, GDP growth figures were revised down the U.S. announced yesterday did not help gold recovery from the depths.
Within 4 sessions since the Fed signaled narrow QE, gold has dropped about 125 USD / oz. Reuters
also said that from the 2nd quarter to date, gold prices have fallen
23%, while only 2 more sessions are closed this quarter. Thus, quarter 2/2013 will most likely become your biggest devaluation of gold since Reuters began tracking this data in 1968.
"Previously, we buy gold for two reasons. One
is due to concerns about the inflationary effects of monetary policy
and the other is worried the financial system will collapse. Currently,
this is no longer the major concern, "said Sean Corrigan, chief
strategist at investment firm Diapason Commodities Management, said.
From the beginning of this year, gold has "evaporated" in the quarter. Yesterday, downward pressure on gold as big as the S & P 500 U.S. stock market rally. "Investors
want to plunge into risk, and gold has been sold to raise funds rather
than to be considered a safe investment channel as before, because it is
not necessary," said Simon Weeks, head array of precious metals drug Bank of Nova Scotia, said.
On the technical aspects, the experts say, investors are selling gold, "the hand". Expert
Carlos Perez-Santalla of brokerage Marex Spectron forecasting gold
prices could bounce back if you can not fall further from current
levels.
Not only reducing the price of gold, silver prices also fell sharply. Yesterday, spot silver prices lower than 5%, closing the day at $ 18.57 / ounce, the lowest close since May 8/2010.
Yesterday,
the investment trust world's largest gold SPDR Gold Trust gold selling
pause, maintain 965.5 tons of gold holdings, the lowest level since
2/2009.
In trading on Tuesday, the fund sold more than 16 tons of gold. Since early this year, the fund has discharged 381 tons of gold.
Gold price outlook even more bad if referring to physical gold market. In
India, the largest gold consumer in the world, the demand for gold may
have decreased in the 2nd quarter after the Indian government launched
measures to restrict gold. Also
in gold consumer China is the second most, concerns about the credit
crunch is also causing pressure on physical gold demand.
Wall Street gained strong 2nd row - Reuters
Gold continues to plunge, while the stock recovery 2nd consecutive
session as the central bank continuously reassure investors.
Wall
Street continued to increase: According to data recently published by
the U.S. Department of Commerce, U.S. GDP growth of just 1.8% I/2013
quarter, lower than the previous estimate of 2.4% . However,
information on the information overshadowed by durable goods orders and
U.S. consumer confidence increases, the expected growth of the economy
is the world's largest in the next quarter.
Specifically, the session ends 26/6, the Dow Jones rose 149.83 points (+1.02%) to 14910.14 points. The S & P 500 rose 15.23 points (+0.96%) to 1603.26 points. The Nasdaq composite index rose 28.34 points (+0.85%) to 3376.22 points.
European
stocks continued to rise: European stocks rose sharply 2nd consecutive
session, the Chairman of the European Central Bank (ECB), Mario Draghi
said that the monetary policy is appropriate and not reason to tighten. In addition, the ECB will continue to refer to intervene to stimulate the economy when needed. This
information, along with U.S. economic data and positive Chinese Central
Bank to support the credit institution's troubled countries helped
European stocks rose sharply. Specifically, the session ends 26/6, the FTSE 100 rose 63.57 points (+1.04%) to 6165.48 points. Germany's DAX index rose 129.69 points (+1.66%) to 7940.99 points. French CAC 40 index rose 76.22 points (+2.09%) to 3726.04 points.
Asian
stocks were mixed: Although strong at the beginning, but Japanese
stocks reversed in the second half of the session, causing the Nikkei
225 closed in the red, while the Hong Kong Stock Exchange rose sharply,
and securities China has calmed down slightly before the country's central bank. Specifically, the session ends 26/6, only Japan's Nikkei 225 fell 135.33 (-1.04%) to 12834.01 points. Only Hong Kong's Hang Seng Index rose 482.83 points (+2.43%) to 20338.55 points. The Shanghai Composite Index of China fell 8.01 points (-0.41%) to 1951.50 points.
Gold
prices continue to fall sharply: last dollar up to 3 weeks against a
basket of currencies that gold prices continue to fall sharply. End of 26/6, spot gold prices on the New York Mercantile Exchange fell $ 47.4 (-3.72%) to $ 1,227.5 / ounce. August-delivery gold on the Comex fell $ 45.3 (-3.55%) to $ 1,229.8 / ounce.
Oil
prices continue to rise slightly: Oil prices almost flat in the
previous two sessions this causes mixed economic data, the U.S. dollar
and rising U.S. stockpiles unexpectedly rose. Ending 26/6, Brent prices rose $ 0.4, to $ 101.55 / ounce. Market price of crude oil in New York rose $ 0.16, to $ 95.32 / barrel.
regulations Roadmap "green bank" and "green finance" is the State Bank
of Vietnam (SBV), the State Securities Commission and the agencies set
up.
This
roadmap is given in the workshop discussed "Green Finance and Banking"
by the Organization Development Cooperation GIZ (Germany) held in Hanoi
on 25/06/2013.
"Green
Bank" only the operations of banks to encourage environmental
activities such as the application of environmental standards as
approved loan or grant preferential credits for projects that reduce
CO2. "Green Finance" only funding for technology projects, industry or enterprise-oriented environment friendly.
"SBV
and is working with IFC to build documents on environmental risk
management," said Cat Quang Duong, Deputy Head of Credit Department,
State Bank said. In
this regulation the evaluation criteria to the social environment risk
when granting credit, investment principles, criteria analysis,
environmental risk assessment when evaluating social investment and
credit with how to manage environmental risks of social credit institutions and foreign bank branches. Circular
SBV is drafting regulations risk management social environment, consult
prepare draft 1, draft opinions III/2013 2nd quarter, finishing the
procedures issued Circular I/2014 IV/2013 quarter or quarter.
Besides
SB, a few other agencies are also proposing specific solutions to
banking and finance industry oriented to "Green Growth". Vu
Chi Dung, Head of the International Cooperation Department of the State
Securities Commission (SSC) that is expected by the year 2014 to 2015
will force companies to comply with regulations regarding sustainability
reporting, or integrated in
the annual report, the report even put environmental and social
management companies to become one of the reviewed standards for listed
companies. By
the year 2015 - 2017, the Securities Act Amendment 2 is issued, report
social and environmental management can become a mandatory listing
standards since the time of writing effective law.
Strategy
"Green Growth" was issued by the Prime Minister in the National
Strategy for the period 2011 - 2020 and vision to 2050 in January
9/2012. "Green
Finance" and "Green Bank" is actually part of the "green growth", but
this concept is still foreign to the financial sector - banks today.
Survey
tháng 6/2012 conducted by the central bank showed that 54 commercial
banks, 91% admitted not green development policy, 35% of banks have
never known the concept of "environmental issues and social" . According
to the bank's response, 89% said that currently there is a lack of
central bank regulations written about social environmental management
in the financial sector.
However, recently, this concept is mentioned and more enforcement in the financial sector - banks. The
move towards the financial sector - banking on green growth takes place
in the context of Vietnam is a lack of financial resources for green
growth, while the financial sector - banks under international rules are
expected to important contribution to this strategy.
In
addition to the new concept of green development in the financial
sector - banks, experts say, convincing banks provide products and
financial services is not easy green, due to the risks and cost of investing in green projects are usually higher than other conventional projects. Meanwhile,
Vietnam enterprises are mainly small and medium, and weak financial
capacity, Vietnam's commercial banks are now hardly qualified to provide
financial products and services green.
Whether it's a new concept and performance is tenuous, but the Assoc. TS. Nguyen
Kim Anh, director of the Department of Personnel Department, State
Bank, based on international experience, to implement the strategy of
"green growth" is in need of social consensus and coordination between
ministries, in order to balance benefits in terms of environmental protection and economic growth needs.
"For
emerging countries such as Vietnam, in terms of the budget is tight and
difficult, the role of financial and banking blue is extremely
important and must be involved from the outset of the components of society, besides the tools of tax policy and fiscal policy ", Assoc. Dr. Nguyen Kim Anh said.
State Bank of Vietnam (SBV) is under great pressure to "run" the credit
growth target of 12%, the first 6 months of the new year is up about
3%.
In
a 13-page report to answer questions at the fifth meeting of the
National Assembly XIII, SBV Governor Nguyen Van Binh said 4 months, the
profits of the whole industry was only 13.100 billion, of which many
single have negative earnings. Results
actual business is much lower, because the implementation of Decision
780 on debt restructuring for banks helped companies significantly
reduce the level of risk provisioning. By
end of the month 4/2013, the balance of risk reserves set aside unused
reached 73,600 billion dong, an increase of 14.6% compared to the end of
2012. Thanks to this funding, partially treated bad debt.
The Governor added that the first 4 months of 2013, the bank had processed 76,700 billion of bad debt from risk provisions. Total
bad debt by the end of the system was 137 100 billion in April, up
15.8% compared to the end of 2012, while the first 4 months of 2012,
loans increased by 36.2%. Gains
of bad debt has been contained, but the result is not as desired, by
credit debt growth slow last time that the NPL ratio increased
SB strive credit growth of 12% or higher
In
fact, credit growth in the first months of 2013 was greatly improved,
in June last year all positive, then from March this year had positive
growth, but only about 3%. Report
on assessment of Vietnam's economy 5/2013 Financial Supervisory
Commission said countries, credit and slow growth forecast difficult to
achieve the plan for 2013 is 12%. To
achieve the target annual credit growth is very difficult task in the
context of the ability of firms to absorb limited capital, real estate
market activity, and moderation of aggregate demand, the economy is
weak.
At
a preliminary meeting and the first 6 months of deployment tasks
banking sector last 6 months of 2013, the Governor said, striving credit
growth reached 12% in 2013, if possible, a higher little as 12-15% to ensure this year's economic growth reached 5 - 5.5%. Report
of the Financial Supervisory Commission also recommends countries,
monetary policy should target efforts to achieve 12% credit growth for
2013 to ensure investment in the economy.
However,
according to Mr. Tareq Muhmood, CEO Bank ANZ Limited (Vietnam), credit
growth is slow no matter what and do not get too uptight to figure how
much growth , which is growing with the credit quality like. Therefore, the banks do not necessarily run on 12% growth target and should not in any way lend.
Agreeing, Dr. Nguyen
Tri Hieu, banking experts say, the central bank is under pressure to
"run" the credit growth target, but the banking industry achieved a
credit growth of 8-10% was very good. More
important still is the credit quality, if not guarantee, the credit
quality of the banking system and the economy will pay a heavy price as
bad debt. The whole banking sector needs restructuring credit quality and continued restructuring of the whole economy.
"Credit should go to the correct address provided, while ensuring repayment sources", TS. Hieu said.
Nguyen
Phuoc Thanh, general director of Vietcombank share, plus DN of group 2
upwards dramatically decreased, DN itself weakened and can not absorb
the capital and "patient" are also not pour good food be cured immediately.
According to some economists, the economy's aggregate demand is still weak and there is not a significant improvement. Generally,
the first 5 months, the increase (excluding the price factor) of total
retail sales and consumer services was 4.8%, almost no improvement
compared with 4.6% of 4 months of the year and much lower than the 6.6% and 6.4% of the first 5 months of 2012 and 2011. Compared
to the same period last year, the cargo of the first 5 months of 2013
increased only 1.5%, the even flow of goods fell 3.1%.
According
to statistics of the Ministry of Planning and Investment, in 5/2013 and
the dissolution of companies suspended operations was 3,590
enterprises, bringing the total number of the country in the first 5
months of the year to 23 226 enterprises, with nearly half of DN dissolution or bankruptcy of the previous year (53 972 DN 2012, DN 54 198 in 2011). Number
of enterprises dissolved and suspended average monthly activity is also
increased, from 4,498 DN / DN 4517 to May 2011 / May 2012 and up to
4646 DN / month in the first 5 months of 2013.
In
addition, state budget revenues and difficult, while demand for
expanded investment from the state budget to support growth with
spending increasing salaries and social allowances for hard cuts, which
cost Budget almost all geographical balance to narrow.
"Most likely, this year's economic growth was only 5 - 5.2% credit growth should not necessarily reached 12%. The most important thing is the quality of credit to bad debt risk reserve ", an economic expert said.
