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STB - AGM left many questions unanswered including M&A details and timing of dividends - AGM Note

Townhall meeting feel about AGM allowed throngs of retail shareholders to voice their opinions but management was short on specifics. STB confirmed significant VAMC transaction in FY14, acquiring VND4,349bn in VAMC bonds, shooting past our estimate of VND2,871bn. Southern Bank/STB merger has the longest history of all current banks merger rumours yet AGM provided no timetable or official pricing announcement.