New developments at banks subject to compulsory transfer and special control

(NLĐO) – Three banks, DongA Bank, CB Bank, and OceanBank, have changed their names following mandatory transfers and changes to their brand identities.

On the morning of February 17th, reporters from Nguoi Lao Dong Newspaper observed that many branches and transaction offices of DongA Bank (DongA Bank Limited) had adopted the new brand identity after officially changing their name to Vikki Bank (Vikki Digital Bank) last weekend.

Along with the name change, DongA Bank also moved its head office from Ho Chi Minh City to Hanoi . All customer rights and interests are guaranteed.

Previously, on January 17th, the State Bank of Vietnam held a ceremony to announce the decision to compulsorily transfer DongA Bank to Ho Chi Minh City Development Bank ( HDBank ).

At the same time, the Global Petroleum Commercial Bank (GPBank) was compulsorily transferred to Vietnam Prosperity Commercial Bank ( VPBank ).

Currently, GPBank and DongA Bank are both limited liability commercial banks with 100% of their charter capital owned by VPBank and HDBank, respectively.

Following the mandatory transfer and renaming, Vikki Bank announced that it will operate as the first next-generation digital bank, combining the most modern technology applications with a network of branches and transaction offices providing unlimited banking, financial, investment, insurance, travel, and shopping services. The extensive network of the digital bank will help provide a modern, convenient, and secure customer experience with absolute confidentiality.

DongA Bank changed its name to Vikki Bank.

GPBank is an independent legal entity and does not consolidate its financial statements into VPBank's consolidated financial statements. Furthermore, GPBank can be maintained as a subsidiary bank or sold/transferred to a new investor after the completion of the mandatory transfer plan.

In October 2024, Vietnam Construction Commercial Bank (CB Bank) was compulsorily transferred to Vietnam Foreign Trade Commercial Bank (Vietcombank). Meanwhile, Ocean Commercial Bank (OceanBank) was transferred to Military Commercial Bank (MB).

Shortly thereafter, CB Bank was renamed Vietnam Foreign Trade Technology Commercial Bank Limited (VCBNeo). Vietcombank also transferred and appointed a series of senior personnel at VCBNeo.

OceanBank also changed its name to Vietnam Modern Bank Limited (MBV), part of the MB Group ecosystem. MB also appointed senior personnel to the Board of Members, Supervisory Board, and General Director at MBV.

Following the name change, the bank is focusing on innovative, flexible, and optimized financial solutions, helping customers maximize financial opportunities in the context of Vietnam's rapidly evolving digital landscape.

Thus far, out of the total number of banks that were previously under the State Bank of Vietnam's zero-value and special supervision, three have changed their names: Dong A Bank to Vikki Bank; OceanBank to MBV; and CB Bank to VCBNeo. GPBank, however, has yet to announce any new information.

Specifically for Saigon Commercial Bank (SCB), in Directive No. 03 dated February 2025 on implementing key tasks after the Lunar New Year holiday of 2025, the Prime Minister requested the State Bank of Vietnam to promptly complete the restructuring plan for credit institutions associated with handling bad debts in the 2021-2025 period, to be approved by competent authorities; focus on handling weak credit institutions, and urgently submit the restructuring plan for this bank.

According to the State Bank of Vietnam, the mandatory transfer of weak credit institutions is one of the solutions contributing to ensuring macroeconomic stability, national financial and monetary security, political stability, and social order and safety.

The State Bank of Vietnam has closely coordinated with ministries, sectors, and relevant agencies to direct banks to develop mandatory transfer plans, submitting them to competent authorities for approval in accordance with legal regulations.

Source: https://nld.com.vn/dien-bien-moi-tai-cac-ngan-hang-thuoc-dien-chuyen-giao-bat-buoc-kiem-soat-dac-biet-196250217095907221.htm