Vietnam's central bank orders mandatory transfer plans for GPBank, DongA Bank
The government has requested the State Bank of Vietnam (SBV) to urgently submit its plan on mandatory transfers of the remaining two banks under special control, GPBank and DongA Bank, no later than December 20.
A transaction office of GPBank. Photo courtesy of the bank.
In October, the SBV announced the mandatory transfers of private lenders CBBank and OceanBank to state-controlled Vietcombank and military-run MBBank respectively for “zero Vietnamese dong".
After the transfers, CBBank and OceanBank now operate as wholly-owned subsidiaries of Vietcombank and MBBank. They remain independent legal entities, with financial statements not consolidated into those of Vietcombank and MBBank.
Private lenders VPBank and HDBank once announced their intentions to acquire "weak" banks.
The cabinet has also asked the SBV to submit its plan on handling Saigon Commercial Bank (SCB) as soon as possible.
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