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Vietcombank and MBBank to acquire Construction Bank and Ocean Bank
The State Bank of Vietnam (SBV) announced a decision for the mandatory transfer of CBBank and Ocean Bank to Vietcombank and MBBank, respectively, on October 17.
According to the central bank, following the mandatory transfer, CBBank and OceanBank will become one member limited liability banks wholly owned by Vietcombank and MB.
Under the management of Vietcombank and MB, all legal rights of depositors, rights and obligations of customers at CBBank and OceanBank, will continue to be guaranteed according to legal regulations.
The SBV stated that Vietcombank and MB are leading commercial banks with sufficient capacity, experience, and solid foundations to successfully implement mandatory transfer plans.
The transfer also presents an opportunity for Vietcombank and MB to expand their operations and implement new business models.
CBBank and OceanBank alongside DongA Bank and OceanBank are four poorly-performing banks valued at zero VND.
The mandatory transfer of weak credit institutions is one of the SBV’s solutions for restructuring the credit system in association with the settlement of bad debts. The measure is aimed at solving bad debts and contributing to macroeconomic stability, and national financial security.
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