The State Bank of Vietnam announced the mandatory transfer of CB to VCB and Oceanbank to MB.

Following the mandatory transfer, CB and OceanBank will be limited liability commercial banks wholly owned by Vietcombank and MB, respectively.

Deputy Prime Minister Ho Duc Phoc and the leadership of the State Bank of Vietnam pose for a commemorative photo with the leaders of four banks. (Photo: Vietnam+)

On the afternoon of October 17th in Hanoi , the State Bank of Vietnam announced the decision to compulsorily transfer Vietnam Construction Commercial Bank (CB) to Vietnam Foreign Trade Joint Stock Commercial Bank (Vietcombank) and Ocean Commercial Bank (OceanBank) to Military Commercial Joint Stock Bank (MB).

Following the mandatory transfer, CB and OceanBank will be limited liability commercial banks wholly owned by Vietcombank and MB, respectively.

Under the management of Vietcombank, MB acts as the owner of CB and OceanBank, ensuring that all legitimate rights of depositors and the rights and obligations of customers at CB and OceanBank continue to be guaranteed in accordance with the agreement and legal regulations.

According to the State Bank of Vietnam's leadership, the mandatory transfer of weak credit institutions is one of the solutions to restructure the credit institution system, coupled with the handling of bad debts, in order to contribute to ensuring macroeconomic stability, national financial and monetary security, political stability, and social order and safety.

This issue has received attention from competent authorities at all levels, with the Government and the Prime Minister providing decisive direction; the State Bank of Vietnam has closely coordinated with ministries, sectors, and relevant agencies to direct banks to develop mandatory transfer plans for submission to competent authorities for approval in accordance with legal regulations.

Vietcombank and MB are leading commercial banks with sufficient capacity, experience, and a solid foundation to successfully implement mandatory transfer plans. Furthermore, with the mechanism applied in accordance with legal regulations, the mandatory transfer also presents an opportunity for VCB and MB to expand their operations and implement new business models.

Source: Vietnam+

Source: https://baophutho.vn/ngan-hang-nha-nuoc-cong-bo-chuyen-giao-bat-buoc-cb-cho-vcb-va-oceanbank-cho-mb-221044.htm