Two remaining weak Vietnamese banks transferred to VPBank, HDBank

The State Bank of Vietnam, the country's central bank, on Friday announced the mandatory transfers of two "weak" private banks under its special control, GPBank and DongA Bank, to VPBank and HDBank respectively.

After the transfers, GPBank and DongA Bank will become one-member limited liability commercial banks wholly owned by VPBank and HDBank.

Under the management of VPBank and HDBank as the owners, all legitimate rights and interests of depositors and customers at the two transferred banks will continue to be guaranteed in accordance with the agreements and legal regulations.

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.