NGHIEN c u u
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Danh gia hoat dong mua ban va sap nhap ngan hang thuong mai \^et Nam:
bai hoc kinh nghiem tu thuong vu SHB-HBB
Le Tht Mai Huong
movsami
Truong D^i hoc Dien Lyc
Tdm tdt: Bdi bdo Um hidu hogt dyng mua ban, sdp nhip (M&A) trong Iinh vye tdi chinh ngdn hdng, mdt Uonj nhung Uij Uudng sdi ddng vd duyc quan tdm nhil d Vidt Nam Uong nhidu ndm Ud Igi ddy. Nhdm tdc gii nghidr eflu hai giai dogn Uudc va sau dd dn 254- vdi noi dung eo ciu Igi hd Uidng cdc td chflc tin dyng giai dogn 2011 2015, td do dua ra nhflng ddnh gid long quan vd hogt ddng M&A Ilnh vyc ngdn hdng Uiuong mgi (NHTM) Vid Nam. Sfl dyng nghifin cuu tinh hudng (case study) Uiuong vyM&A didn hinh d i u tifin Iheo phuomg Ihdc li, nguyfin gida NHTMCP Sdi Gdn Ha NOi (SHB) vd Ngdn hdng phit tridn nhd Hd Ndi (HBB), cdc tic gid dd xuil mdt sd bdi hoc kinh nghifim Uong bdi cdnh hogt ddng M&As gida cdc NHTM va td chuc tdi chinh sd edn Udp lye didn ra Uong nhflng ndm ldi.
Ti> khoa: mua bdn, sdp nhip, ng^n hdng thucmg mgi, Vidt Nam/
1. Gioi thidu
Cudc khflng hoing tdi etilnh todn eiu nd ra ndm 2008 khidn ndn kinh id tri hi, edng vdi ctiinh sdch Ihdl chJt Un dyng cua ngdn hdng ntia nudc, hay i p Iyc egnh tranh vdi ngdn hdng nude ngodi,... dd khidn hd thdng NHTM Vifit Nam ddi m$l nhidu khd khin, ttidch thue. Dd dn 254 ra ddi vdi ndi dung eo eiu Igi hd thdng cdc id chflc tin dyng gicii dogn 2011-2015, khuydn khich M&As Iheo nguyfin tie ty nguydn, hgn chd ldn thil cfla ngdn sdch nhd nude eho xd ly nhflng vin dd cfla hd Uidng td chfle tin dyng 14], D$c bidt, Vidl Nam dd vd dang chuin bl gia nh^p mdt logt cdc td chde, edng ddng kinh le thd gidi, nfin vide thye tiidn theo nQi dung dd dn 254- M&A vdi myc dich logi bd ede ngdn hdng ydu kem, ddm bdo cho hd thdng ngdn tidng ldnh mgnh, hidu qud, Igo duyc sue mgnh Uong bdi cdnh thj tiudng cgnh ti'cinh ngdy edng gay gdi. Id didu tit ydu vd vd cflng quan Iryng.
Bdi bdo phdn U'ch hogt ddng M&As ngdnh NHTM Vidt Nam Uieo hai giai dogn, Uudc vd sau dd dn 254 dd ttiiy rd Ijch sfl bidn ddng cua thj Uudng, cflng nhu dnh hudng efla de an Ifin hd thdng NHTM Vifil Nam. Vdi sd luyng cdc ngdn hdng vd to chuc tdi chinh trong ttij trudng cdn tuong ddi nhidu so vdi yfiu ciu cfla Ndn kinh td, nhidu td chuc tdi ctiinh g$p khd khdn Uong hogi ddng, eung vdi mye tifiu ttianh loc hd Uifing ngdn hdng, Igo ra nhung ngdn hdng cd dfl tidm Iyc cgnh Uanh Uong khu vyc cflng nhu Ufin thd gidi, hfi thfing NHTM eua VN sfi cdn ed nhidu thuong vy M&A duyc tidn hdnh Uoi^ Ihdi giein tdi ddy.
2. Thuc trang boat ddng M&A nganh ngan hang Viet Nam '
2.1 Giai dogn trudc dd dn 254
Hogt ddng M&A ngdn hdng tgi Vidt Nam bit diu trd nfin sdi ddng kd hJ ndm 2007 khi Vidt Nam chinh thflc ra nh$p WTO, trudc dd sd luyng cde thuong vy cdn rii it vd cOng khdng gdy duyc nhidu sy chfl f.
Trong giai dogn 2007-2009, giao djch M&A lifin quan ddn c i c NHTM tudn ctiidm trdn 50% thuong vv M&A lgi Vidt Nam. Sfi l u g ^ thuang vy M&A ngdn hdng ndm 2008 tdng gin gip ddi vd tfing gid Uj Uiuong vy tdng hon 4 Iin so vdi ndm 2007. Giai dogn ndy duyc ddnh gid Id giai dogn bung nfi hogt dfing M&A ngdn hdng lgi Vifit Nam.Ndm 2009, sfi luyng Uiuong vy gidm di rd rdt, lu 13 thuong vy xudng cdn 8 thucmg vy vS tfing gid tr| tiiucmg vy cflng syl gidm mgnh mfi td hem 556 Uidu USD xufing edn 80 Uidu USD du dm cfla cufic khung hodng kinh id ttie gidi ldc dfing lfii ndn kinh tfi cfla Vidt Nam. Ndm 2010, hogi dfing M&A ngdn hdng Uim Idng.
Nhu v^y Ufin thj Uudng M&A ngdn hdng tgi Vidl Nam giai dogn ndy cd nhdng ddc trung sau:
Mfit Id, khfing cd mfit Uiuong vy M&A hodn todr md chu ydu Id mua mfit luong phin trdmcd phin ndc dfi, dflng Igi d mdc Id hyp ldc, hfi try, ede cfi dfing chidn luyc.
Hai Id, dfing lye cfla cdc Uiucmg vy M&A Id mfil qu^
trinh ty Uidn, khdng phdi do NHNN hay bii.eu eo quar cd Uiim quydn ndo etii djnh, cdc ngdn hdng ddn vd
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nhau don gidn dd cd duyc nhflng kii ich cho ngdn hdng minh.
Bald, xu hudng M&A rd rdng la ngdn hdng ldn nude ngodi mua cfi phin cOa cdc ngdn hdng Vifit Nam vd cdc ngdn hdng Vidt Nam ldn mua eo phin efla cdc ngdn tidng nhd.
2.2 Giai doan 2011-2016
Sang ndm 2011, cflng vdi su ra dcri eua mdt loat cac tudt vd dd dn tai ciu Uflc nganh ldi ehinh ngdn hdng cua ttifl ludng ctiinh phfl Uii sfi thuong vy M&A cfla cde doanh ngtiidp VN ndi chung vd cde NHTM VN ndi rifing dd tdng ifin ddng kd. Cd thd kd tdi mot sd thuong vy M&A qua t>dng sau:
B M t l ; T i t h f f t » t f t » C T g T T M A A » g t « t < » f l B l l - l H 5 Mm
3011
2012 2013 2013 2015
2015
2015 2013 2015
Tft cfafa trade U £ A NRTUCPDfNUt NHIMCPStiOia NB1MC? VVt Nim Tin Ngbu N H l M C P N U H i K K NHTMCP Sii i t h i - m N « i NHTMCP D»i A, NHTMCP Pbil tii£a TPHCM NHTMCP PhDong Tiy, Tong CTCP tii chioh diu khi VN NHTMCP Nhi 4Aag tdag long eau l o ^ NHTMCP dia tu %-i phil tn£nVifl Nun NHTMCP c i o g Ikmig V^
Nun, NHTMCP xisg dio NHTMCP Phinrag Nun, NHTMCP Sil it6n Thmmg tia NHTMCP i^iit tribMf Kooog.
NHTMCP Hing hii Ngis hing Xiy dtmg Ngin Ung Dfl duong N d n U D K Diu khi loin cin
TAchacnoMAA NHTMCP Sli C}6n (SCB) NHTMCP Sii gdn - H l N « i NHTMCP pbil triin PHCM NHTMCO Bfl chinh Vj^Ntm NHTMCP Diu nr vi Phit ttttoVitt Nun NHTMCP cang thucmg Vi^ Nam NHTMCP Siig6n ThircmR tin NHTMCP Hing Hii Ti« thinh cic NH TNHH MTV ihn^
wblhi Nhi DDOC Hinh tine M&A HQP nhil
S i p l t b ^ Sip n b ^ Hgp nhil Sip Titi|p
S i p n h ^
^ ° *
Sip nh4p Mui Ul 0 ddng
Mdc dfl ehua ddnh gid duyc hdt cdc hidu qud efla cdc Ihuong vy M&A nhung nhflng thucmg vy t>an diu dd hodn Ihdnh ntiidm vy co bdn nhu fin djnh hfi thfi'ng, ddm bdo Unh Uianh khodn efla hd ttidng, khfing dd xdy ra dd vd, Igo ra fin djnh ngdnh vd fin djnh kinh id vl mfi. Bfin egnh dd Id ldng vfin didu Ifi, xu ly ny xiu tdn dyng, ldi co eiu hogt dfing vd ttiay dfii bfi mdy qudn trj,...
Ddc bidt sau khi Uiu tiidng Chinh Phu chinh ihflc phfi duydt dd dn 254 (Uidng 03/2012), ttij tiufing sdp nhip ngdn hdng Vidl Nam didn ra sdi dfing vd duyc chfl f han bao gid hdt. Ndm 2015 ddnh diu sy bung nfi vd Uij Uudng M&A Vifil Nam khi Iin luyt cde "dgi gia"
Ngdn tidng lifin tidp tham gia vdo sdp nhdp: Ngdn tidng Phuong Nam sdp nti^p vdo Ngdn hdng Sdi Gdn ttiucmg tin Sacomttank, Ngdn tidng MHB sdp nhip vdo Ngdn hing Diu hi vd phdt tiidn Vidt Nam (BDV), NHTMCP phdi tridn Mekong sdp nhdp vdo ngdn hdng Maritimebank,...
Cd Uid ndi, kd td khi chlnh ttiflc cd hidu lyc, dd dn 254 Id cfl tiich mgnh mfi tdi Uij Uudng M&As ngdnh Ngdn hdng Vidl Nam. Giai dogn ndy ed sy bflng nd khdng nhOffig sd luyng md ddc bifil Id cdn vd quy md cfla cdc ttiuong vy. Sau vdi ndm sdp ntidp, ttij tiudng
ngdn hdng thu duyc ntiidu ehuydn bidn ti'ch eye: hdng ehyc ng&i hing ydu kdm dd duyc xu ty, ly Id ny xiu cua cdc ngdn hdng sau sdp nhip gi^m rd rdt,... Didn hinh Id sy thdnh edng eua thuong vy Thuong vy M&A giua NHTMCP Sai gdn — Hd Ndi (SHB) va ngdn hdng TMCP Nhd Ha Ndi (HBB).
3. Bai hoc kinb nghidm br thinmg vy SHB-HBB 3.1 Thuong vu M&A giua SHB vd HBB Nhu dd trinh bdy d trfin, sau ktii cd dd an 254 cfla Thfl Tudng Chinh phfl Uii dd cd mfit sd thuong vy M&A chfl ddng giua cdc ngdn hdng, nfii bit Uong gieti dogn ndy Id tiudng hyp M&A cfla ngdn hdng SHB vd HBB.
Thucmg vy ndy xay ra trong bdi canh HBB dang Idm vao tinh tirgng ny n i n chdng chat do cho vay Vinastiin qud nhidu, no xiu qua eao, dd d i n ddn tinh Ugng phd sdn, bdn egnh dd SHB Igi nfii lfin nhu mfil NHTMCP cd
"sue khde tdi ctiinh" tfit, gid trj ldi sdn — Idi rdng tdng ddu d$n hdng ndm, ijr Id no xiu thip vd nhit Id ngdn hdng ndy dang mufin tdng quy mfi vdn dd vdo lop nhung ngdn hdng cfi quy mfi Idn d thdi didm dd...
Dung Uudc bfii cdiUi diy, vific sdp nhip HBB vdo SHB nhu mfit vide til ydu dd thda mdn duyc nhu e i u cfla cd hai bdn. Sau ddy, ta sfi di dinh gid nhthig m$l duyc vd mit cfla thucmg vy ndy:
Ddy Id thuong vy diu tifin sdp nh$p gida hai ngdn hdng vd cflng Id tiudng hyp diu tifin 2 ngdn tiing cflng nifim ydt Udn tti} Uudng chflng khodn thyc hidn sdp nti^p. Dd ddng iih$n thiy quy md tdi sdn cfla ngdn hdng sau sap nhip tdng H> gin 71 if dfing Ifin 116 ty ddng tuong duong vdi cde ngdn hdng Uong nhdm GI2. Vfin didu Ifi cfla SHB dd tdng td gin 4.815 ty dfing Idn 8.865 ngtiin ty ddng, tifin cgnh dfi ttii sd cdn bfi cfing ntidn
^fin sau sdp ntiip Id gin 5.000 ngudi, ngdn tidng sau sdp nti^p efi ddn Ufin 240 chi nhdnh, phfing giao djch Ufin cd nudc vd hai chi nhdnh tgi Qmiphuctua, Ldo.
Hon nfla, ngdn tidi^ sau sdp nh^p sfi cfi khodng 500.000 ktidch tidng hogt dfing uong linh vyc cdt Idi nhu than, khodng sdn, xdy dyTig...vd ddng ddo eie doanh ngtiidp vua vd nhd khdc (SMEs). Didu ndy giflp cho SHB sau sdp ntiip tin dyng duyc mgng ludi giao djch cflng nhu khai thdc ktidch hdng tidm ndng. Vide igo ra thdm ntiidu ngudn vdn duyc coi nhu phuong ptidp vd giup fin djnh, phdt tridn hd ttifing SHB sau sdp n t i ^ , tuyng tidn gui cua KH duyc Ihd hidn qua bdng sau:
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NGHliN Cl/U Nhm vdo Hmh 1, cd ttid ddnh gid mdi cdeh tfing quan rdng ttiuong vy M&A gifla HBB vd SHB la mfit Ihuong vy M&A thdnh edng, sau gin 4 ndm tu thdi didm M&A ifing gia tri tidn gui cua ktidch hdng, vd cho vay ktidch hdng dd ldng hon 4 lin gia Uj cfla ndm Uudc khi sap n h ^ (2011), tfing ldi sdn cfla SHB vd HBB sau sip nti^p ldng gin 3 lin so vdi ndm 2011. Bfin cgnh nhflng
^ d trj dfi, SHB cdn l ^ dyng duyc ntiidu uu ddi vd Uiud sau sdp ntidp, gii tij Uiuong tiidu ldng cao.
Mdc du sau sdp nhip, SHB cflng ggp phdi mfil sfi vin dd lidn quan ddn xd ly ny xiu cua HBB, Tgi Uidi diem nhin sdp nhdp ttiang 8/2012, Habubank gdp ttiua 16, ny xiu eao, mil ttianh khodn... vd hi dua vdo Uudng hyp gidm sdl ddc bidt cfla Ngdn tiing Nhd nude.
Sau khi nhin sdp nh$p, ly Id no xiu cfla ngdn hdng tdng cao do Udp n h ^ cac khodn no tfin dyng do Habubank chuydn sang. Tuy nhifin, tix muc 8,81% sau ktii nh^n sdp nhip Habubank, ly Ifi ny xiu ddn 30/6/2015 cua SHB gidm xudng 2,48%, thip hon so vdi mue 3% quy djnh cua NHNN.Nhu v^y cfi ttid dinh gid Uiuomg vy M&A cfla SHB vd HBB Id ttidnh efing. M$c du cd sy gidm sdl cfla Ngdn hdng Nhd nude luy ntiidn ddy vin Id mfil Uiuong vy ty nguydn cfla SHB vd HBB.
Cd thd dua ra mfit vdi Iy do cfla sy Uianh cdng Uong thuong vy ndy nhu sau:
- Sy ty nguydn chip nhin cua dgi da sd cde efi ddng cua ed hai ngdn hdng HBB vd SHB, Uong dfi HBB ty Id bidu quydl Idn thdnh sdp nhdp Id 85,21% cdn cfla SHB Id 99,40%. De cd duyc ty Id tan Uidnh eao nhu ndy Id do HDQT efla cd hal ngdn hdng dd cd sy phdn tieh ky eing, mdt duoc vd mit ktii thyc tiidn hay khdng Ihyc hidn M&A eho tung cfi dfing thiy rd vd dua ra duyc quydt djnh dung din nhit cho lyi ich efla minh vd cfla todn ngdn hdng. Vd cung ctiinh bdi sy ty nguydn md ngay sau ktii HBB sdp nh^p vdo SHB UU hogt dfing cua SHB dd l$p tuc vdn hdnh fin djnh.
- Tinh cfing khai minh bgeh, khdc vdi hiu hdt cde thuong vy M&A khdc duyc thyc tiidn "bi m§l" thi didn bidn sdp nh§p HBB vd SHB Igi duyc cfing khai ddn tdng chi Udt, dd IJ gidi cho didu ndy Uii nhu dd ndi d Ufin, cd SHB vd HBB ddu dd nifim ydt Ufin Uij Uudng chung khodn do vdy myi hogt dfing ddu phdi cdng bfi minh bgeh, nhit id ktii cd hoal dfing ldn nhu sdp nhip HBB vdo SHB.
- SHB lya chyn phucmg thde phdt hdnh ttifim c6 phidu dd hodn dfii vfii co phidu cua HBB vdi ty- Id hodn ddi Id 1 ed phidu cua HBB ddi lay 0,75 cfi phidu cua SHB. Ddy cd Uid duyc coi la gidi phdp tdi uu cho lit cd cdc bfin lifin quan bdi SHB ldng duyc quy mfi hogt dfing (vfin, tfing ldi dn, mgng ludi, nhdn su-..) ma khdng phdi mil Uifim ehi phi qud Idn cdn HBB ed duyc dfii tdc dd xfl IJ- cdc lfin tgi tai ctu'nh vuot qua sue cfla minh.
3.2 Bai hye ldnh nghifim
Tfl nhung tfing hop vd phdn tich d Ufin, nhdm Idc
gia rut ra duyc mfit sfi t>di hye kinh nghidm giup ^^
ngdn hdng ed kd hogch ttiyc hidn M&A:
Mfit Id, cin phdi cd mfit sy chuin bj ky luong ixut ktii sdp nhip, phii cd mdt Ifi Uinh, nhung budc di i rang, cfing khai. Vi dy, vdi vy sdp n h i p Habubank vd SHB, cdc bfin lifin quan dd ttiyc hidn sau 7 tiidr nghifin edu Um hidu, ddnh gid.Vd ctii sau hon 3 tiidr kd tfl ngdy dgi hfii cfi ddng cfla tiai ngdn hdng thfir qua, tidn tiinh sdp nh^p dd duyc hodn lit.
Hai la, phdi cfi sy chuin bj ky lufing, tidn hdnh tin) phin vide mfit. Tidt Ifi tir phia SHB cho Uiiy, ngay sa khi ed Quydt dinh sfi 1559/QD-Ngdn hdng Nhd nudc v vific sdp nhip Habubank vdo SHB efi hidu lye tu ng^
28/8/2012, hogt dfing cua SHB dd di vdo fin djnt khfing cd sy xdo Ufin Idn, tinh hinh hogt dfing kin doanh Udp tye ldng Uufing, thanh khodn Idt. Qua Uong nhit Id sip xdp Igi bfi mdy, nhdn sy sau sd nhdp, Uanh gdy xao Ufin, hoang mang Uong ehlnh n<
bfi cdn bfi, nhdn vidn cua hai ngdn hing.
4. Ket man ^ Bdi bdo cho thay cdi nhin ldng quan vd nhung bid
dfing cfla tin sfing M&A NHTM Id Uifii kl so khai chi ldi nay .Trong giai dogn ndn kinh td suy thodi, hd thfi'n NHTM Vidt Nam dd dfii mJt vfii nhidu khfi khdn vd U etiinh, thanh khodn, ny xiu. Do viy, vide tdi ciu trfl tgi hd thfing cdc td chuc ti'n dyng sd dyng cfing ei M&A theo dd dn 254 cfla Chinh Phfl duyc eoi Id bud di dflng din vi Vidt Nam dd dgt duyc mfil sfi myc tidi quan trgng hudng tfii sy phdt tiidn bdn vdng cfla ndi ldi ehinh nudc nhd Uong bdi ednh hfii nhip. Qua phdi tich thuong vy gifla SHB-HBB, la Uiiy ring hogt dfin mua bdn, sdp nhdp cd ldc dfing tich cyc tdi hogt dfin kinh doanh cua ngdn hdng so vdi trudc khi thyc hidi Ihuong vy. Tu dd, tde gia dua ra mfit sfi bdi hye kinl nghidm nhim phdt tiidn hogt dfing M&A Uong Unh vy NHTM Vidt Nam, dd ede NHTM ndng cao ndng Iyc U chinh, d i p dng vdi cdc Uifing lfi qufic td, tgo sue mgnl trong dp lye ttij Uufing eanh tranh ngdy cdng gay giU
Tai lieu tham khao
1. Andrew J.Sherman and Milledge A.Hart (20061 Mergers and Acquisitions from A to Z, 2nd editior Prentice Hall
2. Breaiey, R., Myers, S., Allen, F. (2011). Principle of Corporate Finance. NewYork, McGraw Hill
3. Sudarsanam, P.S. (1995), The essence of meri ers and acquisitions. Prentice Hall Europe.
4. Quydl djnh sd 254/ QD-TTg ngdy 01/03/2012, ph duydt Di dn co eiu Igi hd thdng cdc lfi chuc Un dyn (TCTD) giai dogn 2011-20I5.
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