Private Vietnamese lender DongA Bank renamed Vikki Bank

DongA Bank, a private lender in Vietnam, has changed its name to Vikki Bank, with approval from the State Bank of Vietnam (SBV).

This move comes nearly a month after DongA Bank, a "weak bank", was forced by the SBV to merge into Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).

The new name of the bank is "Vikki Digital One Member Bank" (Vikki Bank).

The bank's headquarters has been moved from Ho Chi Minh City to Hanoi, located at 72 Ly Thuong Kiet street, Hoan Kiem district. Its logo and brand identity have also been changed.

Vikki Bank assured that customers' rights and benefits would still be guaranteed. The bank introduced itself as a new-generation digital bank, combining modern technology with a network of branches and transaction offices to offer a wide range of banking, financial, investment, insurance, travel, and shopping services.

On January 17, DongA Bank was transferred to HDBank while another weak lender GPBank was acquired by VPBank. Earlier, in October 2024, the SBV announced the mandatory transfers of two ailing banks CBBank and Ocean Bank to state-owned giants Vietcombank and MBBank, respectively.

Mandatory transfers of weak credit institutions are one of the solutions aimed at contributing to macroeconomic stability, national financial and monetary security, political stability, and social order and safety, according to the central bank.