On the afternoon of October 17, the State Bank of Vietnam (SBV) held a regular press conference for the third quarter of 2024.
At the press conference, Mr. Nguyen Duc Long - Deputy Chief Inspector, banking supervisor said that this afternoon, at the headquarters of the State Bank, a ceremony will be held to announce the mandatory transfer of 2 zero-dong banks; based on legal regulations as well as the policies of the Party and the State, the State Bank has developed a plan and it has been approved.
Decision to transfer Construction Joint Stock Commercial Bank (CBBank) to Foreign Trade Joint Stock Commercial Bank (Vietcombank), and Ocean Joint Stock Commercial Bank (OceanBank) to Military Commercial Joint Stock Bank (MB).
People's deposits at the two "zero-dong" banks will be guaranteed before, during and after the mandatory transfer.
Regarding the handling of GPBank and Dong A Bank, the State Bank is directing the transferee banks to review and will have the earliest plan to receive the compulsory transfer.
Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the level of support from the transferee banks will depend on the restructuring roadmap of the banks, but support is "indispensable".
Transferee banks will also be supported but must comply with current legal regulations.
Previously, in the Report sent to the National Assembly Standing Committee in 2022, the Government said that it had implemented many measures to handle 3 banks that were forced to buy back, i.e. bought for 0 VND (CBBank, OceanBank, GPBank) and the bank under special control (DongA Bank). Special control is a measure to strictly control and limit negative impacts on that bank and the system of credit institutions in general.
Recently, CBBank leaders have shared many times that this bank is completing procedures to be ready to receive mandatory transfer to Vietcombank.
MB leaders also said that they are supporting OceanBank and announced that they have completed the procedures to receive the transfer of the weak bank, expected to be completed this year or 2025 after the Government approves.
In addition to the above 4 banks, at the end of October 2022, Saigon Bank - SCB was also put under special control.
