At the press conference announcing the results of banking activities in the third quarter of 2024, Mr. Nguyen Duc Long, Deputy Chief Inspector of the Banking Inspection and Supervision Agency, said that on the afternoon of October 17, the State Bank of Vietnam will announce the decision to compulsorily transfer two "zero-dong" banks, Ocean Commercial Bank Limited Liability Company (OceanBank) and Construction Commercial Bank Limited Liability Company (CB).

Based on legal regulations as well as the policies of the Party and the State, the State Bank has developed a plan and it has been approved. The decision to transfer Construction Bank to Vietcombank, and OceanBank to Military Bank.

Mr. Long affirmed that people's deposits at the two "zero-dong" banks will be guaranteed before, during and after the mandatory transfer.

Regarding the handling of GPBank and Dong A Bank, the State Bank is directing the transferee banks to review and will have the earliest plan to receive the compulsory transfer.

Deputy Governor of the State Bank of Vietnam Dao Minh Tu said that the level of support from the transferee banks will depend on the restructuring roadmap of the banks, but support is "indispensable".

When receiving the transfer, the receiving banks will also be supported but must comply with current legal regulations.

Previously, for more than a year, the market had information that OceanBank would be "united" with MB Bank, while CB Bank would be taken over by Vietcombank.

OceanBank was once supported in operation by VietinBank after the State Bank decided to buy it for 0 VND in 2015. However, after VietinBank's staff withdrew from this bank, OceanBank was supported by MB Bank with the appearance of MB senior leaders at OceanBank's events.