What about the 4 mandatory transfer banks now?

For many years, information about the business results of banks under special control was not made public. Since the compulsory transfer, information about the health of these banks is gradually being revealed.

Four banks that were once under special control have now completed mandatory transfers, including GPBank, MBV, Vikki Bank and VCBNeo. All four are being restructured towards becoming digital banks, focusing on the young customer segment.

Among these, GPBank is the only bank that has not changed its trade name and brand identity after the transfer. However, it can be said that the above 4 banks have all put on a "new coat" through the shift in personnel, technology, and products, leading to improved business results.

Mr. Nguyen Duc Vinh, General Director of VPBank , affirmed that the compulsory transfer of GPBank has helped VPBank diversify its products and complete its ecosystem according to the financial group model. At the same time, 2025 will be the first year GPBank makes a profit after a long period of losses.

GPBank is the only bank to keep its name and brand identity after the mandatory transfer.

Specifically, according to the disclosure from VPBank's Board of Directors Chairman, Mr. Ngo Chi Dung, GPBank previously lost thousands of billions of VND or more each year. However, this year GPBank will achieve a minimum profit of 500 billion VND.

“We have researched and developed detailed action plans for GPBank, so we are sure to successfully restructure this bank,” said Mr. Ngo Chi Dung.

With MBV , the parent bank MB took over in November 2024. According to Mr. Vu Thanh Trung, Vice Chairman of the Board of Directors of MB Bank, 2025 will be the first year that MBV records positive profits.

MBV is strongly supported by MB in terms of human resources, technology and development orientation, especially testing digital products for young people.

“Small banks have the advantage of being flexible, taking better care of customers, and are ideal 'laboratories' for digital strategies,” said Mr. Trung.

Regarding Vikki Digital Bank , Mr. Pham Quoc Thanh, Acting General Director of HDBank , said that a comprehensive restructuring process is being carried out. From a specially controlled bank, Vikki Bank is gradually becoming a digital bank in a youthful and dynamic direction.

“Vikki Bank is undergoing a transformation and there is no bottleneck in the transformation process. We will implement the Vikki Bank strategy in the retail and SME segments, in line with the group’s development strategy,” said Mr. Thanh.

Regarding VCBNeo , Vietcombank Chairman Nguyen Thanh Tung said that the bank has completed converting the core banking system for VCBNeo, using it synchronously with Vietcombank to ensure safety and operational efficiency.

New technology systems, processes, regulations and personnel are also being reviewed and upgraded according to Vietcombank standards.

In terms of development orientation, VCBNeo will be built into a digital bank, operating mainly based on a modern technology platform instead of a traditional branch network. This strategy aims to optimize costs, improve operational efficiency and align with the industry-wide digital transformation trend.

Mr. Nguyen Thanh Tung emphasized that Vietcombank is building a clear recovery roadmap for VCBNeo and expects to soon report to shareholders on the progress and implementation results.

In addition to diversifying products according to the financial group model, banks receiving mandatory transfers will also be given priority by the State Bank in terms of credit room.

“With the acquisition of MBV, parent bank MB aims to increase credit growth by 24% this year and 35% by 2026,” MB General Director Pham Nhu Anh shared.

In addition, banks receiving compulsory transfers are also attracting great interest from foreign investors.

According to Decree 69, which has just been issued, from May 19, total foreign ownership in commercial banks receiving transfers (except for banks with over 50% State capital) can exceed 30%, up to a maximum of 49% of charter capital. This creates a great advantage for VPBank, MB and HDBank in attracting international capital.

However, Vietcombank and VCBNeo, because they are still in the group with over 50% State ownership, are not eligible for room expansion.

Ocean Commercial Joint Stock Bank (OceanBank) and Vietnam Construction Commercial Joint Stock Bank (CB) will be officially transferred in October 2024.

Accordingly, OceanBank was forced to transfer to the Military Commercial Joint Stock Bank (MB), and renamed Vietnam Modern Commercial Joint Stock Bank (MBV).

CB was compulsorily transferred to Vietcombank and renamed as Vietnam Joint Stock Commercial Bank for Foreign Trade of Vietnam Digital Technology (VCBNeo).

In January 2025, the next two weak banks, Global Petroleum Commercial Joint Stock Bank (GPBank) and Dong A Commercial Joint Stock Bank (Dong A Bank), were compulsorily transferred to VPBank and HDBank, respectively, thereby the State Bank officially completed the compulsory transfer of 4 weak banks after nearly 10 years of special control of these banks.

In which, Dong A Bank was renamed Vikki Digital Bank.

Source: https://vietnamnet.vn/4-ngan-hang-chuyen-giao-bat-buoc-gio-ra-sao-2396786.html