State Bank compulsorily transfers 2 weak banks

Depositors' rights are guaranteed

On the afternoon of October 17, the State Bank of Vietnam held a press conference to inform about the banking performance results in the third quarter of 2024. At the meeting, Permanent Deputy Governor Dao Minh Tu said: The State Bank of Vietnam will hold a transfer ceremony for 2 compulsory purchasing banks.

In which, Construction Bank Limited (CBBank) will be transferred to Vietcombank , Ocean Bank Limited (OceanBank) will be transferred to MB Bank.

Permanent Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu at a press conference on the afternoon of October 17.

In addition, according to the leader of the State Bank, two other banks, Global Petroleum Bank Limited (GPBank) and DongA Commercial Joint Stock Bank (DongA Bank), are expected to continue to be transferred to other banks in the future.

"Today, two banks will be transferred, one more bank will be transferred in the near future, another specially controlled bank, Dong A Bank, is implementing the roadmap, and SCB is maintaining stability," added Deputy Governor of the State Bank of Vietnam Dao Minh Tu.

Affirming that the rights of depositors are guaranteed, Mr. Nguyen Duc Long, Deputy Chief Inspector of the State Bank Inspection and Supervision Agency, said: "The rights of depositors are guaranteed before, during and after the transfer process". The goal of compulsory transfer of banks is for banks to return to normal operations, overcome accumulated losses, and ensure safety regulations.

System-wide credit increased by about 9%

At the press conference, SBV Deputy Governor Dao Minh Tu said that the third quarter was a favorable quarter for the overall development of the economy . Monetary policy developments in the world have tended to ease, especially after the US cut interest rates and many countries also began to loosen monetary policy. This has reduced monetary pressure on other countries, including Vietnam. This is a more favorable point for the SBV compared to 2023.

Over the past time, the State Bank has operated a flexible monetary policy and ensured liquidity for the economy. In the third quarter, capital for the economy was always abundant, and banks had excess liquidity. The Standing Deputy Governor affirmed that there was no legitimate capital need that was not guaranteed, and credit growth was in harmony with the capital needs of the economy. The State Bank has operated more freely and proactively in allocating credit limits to banks, creating conditions for banks to have good growth potential.

On the afternoon of October 17, the State Bank of Vietnam held a press conference to inform about the banking performance results in the third quarter of 2024.

By September 30, credit growth reached about 9% compared to the beginning of the year and increased by more than 16% compared to the same period. Outstanding loans to the economy were about 14.7 quadrillion VND. Mobilization increased less, total mobilization was about 14.5 quadrillion VND.

From now until the end of the year, the State Bank will continue to operate monetary and credit policies to ensure the goal of supporting economic growth. In the trend of businesses actively recovering, the current management perspective is to be more open to support more capital and interest rates for businesses. The State Bank also affirmed that it will continue to ensure liquidity and the ability to supply capital of commercial banks, and operate exchange rates in harmony with foreign policies.

An Ha

Source: https://www.congluan.vn/ngan-hang-nha-nuoc-chuyen-giao-bat-buoc-2-ngan-hang-yeu-kem-post317291.html