Official mandatory transfer of GPBank to VPBank

(PLVN) - On January 17, 2025, the State Bank announced the decision to compulsorily transfer GPBank, 100% owned by the State, to VPBank according to the Plan approved by the Government.

01/17/2025 12:24

(PLVN) - On January 17, 2025, the State Bank announced the decision to compulsorily transfer GPBank, 100% owned by the State, to VPBank according to the Plan approved by the Government .

Compulsory transfer (CGBB) is one of the options to restructure specially controlled credit institutions (CIs) as stipulated in the Law on CIs. The transfer of GPBank to VPBank is carried out in accordance with current laws and approved by competent authorities with the goal of gradually restoring normal operations, overcoming weaknesses, and gradually turning GPBank into a bank with a healthy financial situation, ensuring the ability to operate continuously.

For VPBank, the bank will have the conditions to expand its business scale, customer base, and network; maintain GPBank as a subsidiary bank or sell/transfer GPBank to a new investor after the mandatory transfer plan is completed.

After the mandatory transfer, GPBank continues to operate as a single-member limited liability bank with 100% charter capital owned by VPBank, and is allowed to conduct commercial banking activities according to regulations. All legitimate rights of depositors; rights and obligations of customers at GPBank continue to be guaranteed in accordance with the agreement and legal regulations. GPBank is an independent legal entity and does not consolidate financial statements into VPBank's consolidated financial statements.

VPBank shall exercise the rights of the owner to GPBank according to regulations. To support GPBank, VPBank will contribute capital to GPBank during the implementation of the CGBB plan so that GPBank has more financial resources, develops its business, and improves its performance. The total capital contribution shall not exceed 20% of VPBank's charter capital. The capital contribution will be carefully considered by the bank and consulted with the General Meeting of Shareholders to ensure the safety of the bank's operating capital and the interests of shareholders. In addition, VPBank will transfer experience and knowledge to support the restructuring process of GPBank according to the compulsory transfer plan.

VPBank and GPBank are entitled to other support measures from competent State agencies as prescribed in the Law on Credit Institutions and other legal provisions.

VPBank is a leading bank in the Vietnamese banking system, with strong financial potential.

The compulsory transfer of GPBank to VPBank is expected to help restore GPBank, while ensuring the legitimate rights of shareholders and employees of VPBank; demonstrating the trust of the Government and the State Bank in the reputation, capacity and experience of VPBank; affirming the role of VPBank in implementing the policies of the Government and the State Bank, thereby helping to stabilize the financial and monetary markets, and increasing the confidence of investors and the public in the banking system.

Source: https://baophapluat.vn/chinh-thuc-chuyen-giao-bat-buoc-gpbank-cho-vpbank-post537965.html