On January 17, 2025, in Hanoi, the State Bank of Vietnam (SBV) held a ceremony to announce the Decision on compulsory transfer of Global Petroleum Commercial Joint Stock Bank (GPBank) to Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and DongA Commercial Joint Stock Bank (DongA Bank) to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).
Attending the event were Mr. Le Quang Manh, Member of the Party Central Committee, Chairman of the National Assembly's Finance and Budget Committee, along with leaders of ministries, branches and central agencies. On the banking side, there were Ms. Nguyen Thi Hong, Member of the Party Central Committee, Governor of the State Bank of Vietnam, Deputy Governors, leaders of units under the State Bank of Vietnam and representatives of VPBank, HDBank, GPBank, and DongA Bank.
Compulsory transfer of weak credit institutions is a solution to ensure macroeconomic stability, national financial and monetary security, and social order and safety. This solution is strongly directed by the Government and the Prime Minister. The State Bank has coordinated with relevant ministries, branches and agencies to develop and submit for approval a transfer plan in accordance with legal regulations.
After the transfer, GPBank and DongA Bank will become one-member limited liability commercial banks with 100% charter capital owned by VPBank and HDBank.
Under the management of VPBank and HDBank, all legitimate rights of depositors and customers at GPBank and DongA Bank will be guaranteed. VPBank and HDBank are assessed to have sufficient capacity, experience and solid foundation to successfully implement the transfer plan. This is also an opportunity for the two banks to expand their operations and implement modern business models, in accordance with current mechanisms and legal regulations.
