State Bank announces mandatory transfer of CB to VCB and Oceanbank to MB

After the mandatory transfer, CB and OceanBank will be limited liability commercial banks with 100% charter capital owned by Vietcombank and MB.

Deputy Prime Minister Ho Duc Phoc and the State Bank's Board of Directors took a souvenir photo with leaders of four banks. (Photo: Vietnam+)

On the afternoon of October 17, in Hanoi, the State Bank of Vietnam announced the decision to compulsorily transfer Vietnam Construction Bank (CB) to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and Ocean Bank (OceanBank) to the Military Commercial Joint Stock Bank (MB).

After the mandatory transfer, CB and OceanBank will be limited liability commercial banks with 100% charter capital owned by Vietcombank and MB.

Under the management of Vietcombank, MB in its role as owner of CB, OceanBank, all legal rights of depositors, rights and obligations of customers at CB, OceanBank continue to be guaranteed in accordance with the agreement and regulations of law.

According to the State Bank's leaders, the compulsory transfer of weak credit institutions is one of the solutions to restructure the system of credit institutions associated with bad debt settlement to contribute to ensuring macroeconomic stability, national financial and monetary security, political stability and social order and safety.

This issue has been of concern to competent authorities, and has been strongly directed by the Government and the Prime Minister; the State Bank has closely coordinated with ministries, branches and relevant agencies to direct banks to develop compulsory transfer plans and submit them to competent authorities for approval in accordance with legal regulations.

Vietcombank and MB are leading commercial banks with sufficient capacity, experience and solid foundation to successfully implement compulsory transfer plans. On the other hand, with the mechanism applied according to legal regulations, accepting compulsory transfer is also an opportunity for VCB and MB to expand operations and implement new business models./.

Source Vietnam+

Source: https://baophutho.vn/ngan-hang-nha-nuoc-cong-bo-chuyen-giao-bat-buoc-cb-cho-vcb-va-oceanbank-cho-mb-221044.htm