Chinfon Bank branches in Vietnam operate normally following takeover

Taiwan’s Financial Supervisory Commission (FSC) started to take over the Chinfon Commercial Bank at 5 pm on September 26th 2008.

According to FSC, depositors’ rights will be protected, and the Central Deposit Insurance Corp. (CDIC), in the short term, has been instructed to operate the Bank and manage its assets.

The Chinfon Commercial Bank of Taiwan, has established two branches in Vietnam (Hanoi and Ho Chi Minh City) for many years now. FSC has planned to maintain the positive business of these two branches before handing over to the new owner. In addition, FSC has asserted that all individual and institutional deposits in the two branches are fully ensured and the branches’ operations will remain normal in avoidance of any damage to the customers.

Following this incident, the Vietnamese Government and the State Bank of Vietnam have shown the commitment to fully support the FSC’s plan to take over Chinfon’s branches in Vietnam successfully. This commitment will help the customers to rest assured with their deposits at these two branches.

SBV

>   Dong A Bank to open gold exchange in HCMC (02/10/2008)

>   Vietnam bonds fall after US lawmakers reject bailout plan (02/10/2008)

>   PM approves establishment of Bao Viet Bank (02/10/2008)

>   Precautionary measures to combat inflation (01/10/2008)

>   Gold price jumps on failed US$700 billion bailout (01/10/2008)

>   ADB provides 410 mln USD for expressway project (01/10/2008)

>   SME’s doing much better than estimated (01/10/2008)

>   07/10/2008, first trading date of Goverment bond QHD0813047 (01/10/2008)

>   Bond coupon payments TP1A3905, TP1A1704 (01/10/2008)

>   Bond coupon payment TP1_1704 (01/10/2008)