Official transfer of 0 dong between CBBank and Oceanbank

OceanBank signboard on the morning of October 17

Speaking at a press conference on banking sector activities in the third quarter on the afternoon of October 17, Mr. Nguyen Duc Long, Deputy Chief Inspector of the Inspection and Supervision Agency (State Bank), said that this afternoon there will be a mandatory transfer ceremony for Construction Bank (CBBank) and Ocean Bank (OceanBank).

Of which, the Bank for Foreign Trade of Vietnam ( Vietcombank ) received the transfer of CBBank, and the Military Bank (MB) received OceanBank.

Mr. Long affirmed that the rights of depositors will be guaranteed "before, during and after the transfer process." The goal of the transfer is to bring weak banks back to normal operation, overcome accumulated losses, and ensure regulations on operational safety.

Oceanbank was originally Hai Hung Rural Bank. After Mr. Ha Van Tham bought back shares, this bank transformed its model into an urban bank, changing its name to Ocean Bank in 2007.

After Mr. Tham was arrested, Oceanbank was bought by the State Bank for 0 VND and Vietinbank supported the management.

CBBank, formerly Rach Kien Rural Bank, was converted to an urban model in 2006 with the name Dai Tin (TrustBank).

In 2013, Thien Thanh Group and a number of shareholders contributed capital and restructured Trust Bank, changing its name to Vietnam Construction Bank (VNCB).

In 2015, the State Bank bought VNCB for 0 VND, with Vietcombank participating in support, management and operation, then changed the brand name to CBBank.

Leaders of MB and Vietcombank once shared that the mandatory transfer does not require the receiving bank to spend money to buy, because this is a weak unit in the restructuring process that was bought for 0 VND.

The transferee bank will be able to borrow at 0% interest rate during the restructuring period and will be allowed to grow to a higher scale.

If the restructuring fails, the receiving bank cannot return the bank to the State for 0 VND, but can sell it as an investment or IPO to become a joint stock bank, MB leaders once shared.

According to Vietcombank's leadership, the transferee organization will have the right to decide and handle the compulsory transfer bank: if a suitable foreign organization is found, the transferee organization can be sold, maintained, or have other options such as conversion, reform, such as switching to a digital bank.

If the restructuring is successful, the zero-dong bank can merge into the mandatory transfer recipient banks, Vietcombank and MB.

In addition to Oceanbank and CBBank, there is currently another zero-dong bank, GPBank, and two banks under special control, DongABank and SCB.

TB (synthesis)

Source: https://baohaiduong.vn/chinh-thuc-chuyen-giao-0-dong-ngan-hang-cbbank-va-oceanbank-395886.html