Officially transferring CB to Vietcombank, OceanBank to MB

October 17, 2024 19:30 Nhat Linh Print article

ANTD.VN - On October 17, 2024, in Hanoi, the State Bank of Vietnam (SBV) held a ceremony to announce the Decision on compulsory transfer of Vietnam Construction Commercial Joint Stock Bank (CB) to Vietnam Joint Stock Commercial Bank for Foreign Trade ( Vietcombank ) and Ocean Commercial Joint Stock Bank (OceanBank) to Military Commercial Joint Stock Bank (MB).

Attending the announcement ceremony were Deputy Prime Minister Ho Duc Phoc, leaders of ministries, branches, central agencies and People's Committees of Hanoi, Ho Chi Minh City and Long An province.

On the banking side, there were Governor Nguyen Thi Hong, Deputy Governors, leaders of units under the State Bank of Vietnam and representatives of leaders of Vietcombank, MB, CB, and Oceanbank.

State Bank holds ceremony to announce compulsory transfer of bank

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 a compulsory transfer plan to submit to competent authorities for approval in accordance with legal regulations.

Deputy Prime Minister Ho Duc Phoc and the State Bank's Board of Directors took a souvenir photo with representatives of 4 banks.

After the compulsory transfer, CB and OceanBank will be single-member LLCs 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 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 the provisions of law, the mandatory transfer is also an opportunity for Vietcombank and MB to expand operations and implement new business models.

Previously, speaking at the SBV's regular press conference for the third quarter of 2024 on the same day, Mr. Nguyen Duc Long - Deputy Chief Inspector of the SBV's Inspection and Supervision Agency, said: The goal of compulsory transfer is to help weak banks overcome difficulties, ensure safety, and comply with legal regulations.

"Before, during and after the transfer process, depositors' deposits are completely guaranteed," Mr. Nguyen Duc Long affirmed.

Source: https://www.anninhthudo.vn/chinh-thuc-chuyen-giao-bat-buoc-cb-cho-vietcombank-oceanbank-cho-mb-post592873.antd