State Bank takes over OceanBank

At a shareholders’ meeting of Ocean Joint Stock Commercial Bank on Saturday, the State Bank of Vietnam (SBV) announced an obligatory purchase of all OceanBank shares putting an end to its shareholders’ rights and benefits.

OceanBank’s operation was evaluated as a weak bank. Administration and management have badly broken banking by-law, according to an announcement by SBV.

The acquisition is to control risks and minimize losses for OceanBank properties, restructure it and prevent its losses from expanding expand to other banks.

All legal rights and benefits of OceanBank depositors will be ensured, affirmed SBV deputy governor Nguyen Thi Hong at a regular cabinet meeting last night.

SBV has appointed the Vietnam Joint Stock Commercial Bank for Industry and Trade to attend in managing OceanBank.

vietnamnet

>   Does Central Bank breaks the law when determining banks’ dividends? (27/04/2015)

>   The positions of three major banks in Vietnam after mergers (25/04/2015)

>   Wrongdoing found in Vietinbank's performance from 2009-12 (25/04/2015)

>   Vietcombank "still looking for a merger partner" (25/04/2015)

>   VietinBank and PG Bank’s merger plan moves forward (24/04/2015)

>   Euro rises ahead of eurozone finance ministers' meeting (24/04/2015)

>   Vietnam to inspect major firms after Metro tax case (23/04/2015)

>   Banks cannot sell debts because DATC doesn’t accept market prices (23/04/2015)

>   SCIC wants to buy 10% stake in Military Bank (23/04/2015)

>   Ha Noi banks achieve half year's credit target (23/04/2015)