What do Vietcombank and MB say about the mandatory transfer of 2 banks?

On the afternoon of October 17, the State Bank of Vietnam (SBV) announced its decision to compulsorily transfer the 100% state-owned Vietnam Construction Commercial Joint Stock Bank (CB) to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) according to the Plan approved by the Government.

The State Bank said: 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, the Government and the Prime Minister have given strong direction; the State Bank has closely coordinated with ministries, branches and relevant agencies to direct banks to develop a compulsory transfer plan to submit to competent authorities for approval in accordance with legal regulations.

On the afternoon of October 17, the State Bank of Vietnam (SBV) announced its decision to compulsorily transfer the 100% state-owned Vietnam Construction Commercial Joint Stock Bank (CB) to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (VCB) according to the Plan approved by the Government.

After the compulsory transfer, CB and OceanBank will become one-member limited liability commercial banks with 100% charter capital owned by Vietcombank and MB. Under the management of Vietcombank and MB as owners of CB and OceanBank, all legal rights of depositors, rights and obligations of customers at CB and OceanBank will continue to be guaranteed in accordance with the agreement and provisions of law.

“Vietcombank and MB are leading commercial banks with sufficient capacity, experience and solid foundation to successfully implement compulsory transfer plans. At the same time, 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,” the State Bank emphasized.

CB is an independent legal entity, not consolidating financial statements into Vietcombank.

Information from Vietcombank said: After the mandatory transfer, CB continues to operate as a one-member limited liability bank with 100% charter capital owned by VCB; and is allowed to conduct commercial bank business activities according to regulations. All legal rights of depositors; rights and obligations of customers at CB continue to be guaranteed in accordance with the agreement and legal regulations.

CB is an independent legal entity and does not consolidate financial statements into VCB's consolidated financial statements. VCB exercises the rights of the owner to CB according to regulations. VCB does not contribute capital to CB during the period when CB has accumulated losses; VCB participates in the management, operation and implementation of support measures in the CBBB Plan approved by competent state agencies.

VCB and CB are entitled to apply support measures according to the provisions of the Law on Credit Institutions and relevant legal provisions approved by competent authorities.

MB appointed Mr. Le Xuan Vu as representative at OceanBank

According to the Military Bank: After the transfer, the legal rights of depositors and customers at OceanBank are guaranteed in accordance with the agreement and regulations of the law; OceanBank's service activities are guaranteed to be smooth and continuous.

The process of acquiring OceanBank into MB has been successful. MB will prioritize resources from business development, capital, technology, human resources... to support new members in the group. OceanBank continues to promote business activities and sustainable and effective development, increase financial and technological capacity, and actively contribute to the overall development of the economy.

The Board of Directors of MB decided to appoint Mr. Le Xuan Vu, Member of the Executive Board of MB as MB Representative, to take on the position of Permanent Deputy General Director of OceanBank. Mr. Vu has nearly 30 years of experience and many years of holding senior management positions at prestigious credit institutions, especially in the field of banking transformation and modernization. With the task of being in charge of operations at OceanBank, Mr. Vu is believed to contribute to increasing the management and operational capacity of OceanBank in the coming time.

An Ha

Source: https://www.congluan.vn/vietcombank-mb-noi-gi-ve-viec-nhan-chuyen-giao-bat-buoc-2-ngan-hang-post317367.html