On January 17, 2025, the State Bank of Vietnam (SBV) announced the decision to compulsorily transfer DongA Bank to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) according to the Plan approved by the Government.
This is a solution in the Project to restructure credit institutions (CIs), contributing to overcoming existing problems and improving banking activities according to the policies of the Party and Government.
It is known that HDBank has 35 years of experience, a strong financial foundation, reputation, good management capacity, and is trusted by the Government and the State Bank to implement the compulsory transfer plan.
After the compulsory transfer, DongA Bank operates as a single-member LLC owned by HDBank, ensuring all rights of depositors and customers. DongA Bank remains an independent legal entity, without consolidating financial statements into HDBank. DongA Bank is managed and supported by HDBank to gradually restore operations and improve its financial situation.
The acquisition of DongA Bank creates opportunities for HDBank to expand its operations, increase credit growth, and develop new business models.
DongA Bank and HDBank will be supported by policy mechanisms from the State Bank to ensure an effective mandatory transfer process. HDBank has experience in successfully implementing a number of restructuring and M&A projects safely and effectively, bringing stability and development to the participating parties.
HDBank said that the bank will focus its resources and restructuring experience to accompany and support DongA Bank in consolidating its operations, overcoming existing problems, aiming to build DongA Bank into a bank with healthy, safe and sustainable finances, ensuring the rights of bank employees, and bringing better benefits to customers and partners.
