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6 banks escape State Bank of Vietnam sanctions
Six Ho Chi Minh City-based banks have narrowly escaped being sanctioned by the State Bank of Vietnam after managing to cut their outstanding loans to non-manufacturing sectors to 22 percent by June 30, Ho Huu Hanh, director of the central bank’s city branch, said.
The media cited a source from Mirea Asset Securities Company earlier this month as stating that the six banks that could fail to comply with this requirement were VietABank, Saigon-Hanoi Bank, Western Bank, VietBank, Saigon Commercial Bank, and TinNghiaBank.
Failure to cut the loan figure to 22 percent by June 30 would have required them to double their reserves with the central bank.
They would have had to set aside around VND5.2 trillion (US$252.9 million) for this besides being prohibited from expanding operations until the end of 2012, SBV governor Nguyen Van Giau said.
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