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VCB Landbouwbank

VCB takes over Landbouwbank shares

The shares of the Landbouwbank have been formally taken over by the Surinaamse Volkscredietbank (VCB). The take-over was signed on Monday by 

Landbouwbank General Manager, Dayenti Hindori, Percy Clenem, top executive of VCB and Minister Gillmore Hoefdraad of Finance.

Prior to the integration process, the Landbouwbank will act as a subsidiary of the VCB. This was reported by the Minister of Finance in a press release. The government made the decison towards the fusion two years ago. The fusion regards restructering of both state banks. The VCB, founded as a foundation, will be incorporated into a limited liability company. Roughly two years are targeted for the integration process.

Based on the Supervision on Banking and Credit Institutions Act, prepartions were made to ensure a smooth and efficient transition into the newly integrated banking institution. All payments and services at both institutions will be continued in the same manner whilst maintaining the relations with customers and other partners will also be pursued. Restructering of the financial sector will be focused on intensifying corporate efficiency through scaling up and cooperation.

source: Starnieuws

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