On January 17, 2025, in Hanoi, the State Bank of Vietnam (SBV) held a ceremony to announce the Decision on the compulsory transfer of the Global Petro Sole Member Limited Commercial Bank (GPBank) to the Vietnam Prosperity Joint Stock Commercial Bank (VPBank); and the Decision on the compulsory transfer of Dong A Commercial Joint Stock Bank (DongABank ) to Ho Chi Minh City Development Joint Stock Commercial Bank, (HDBank).
Participants take a photo together
Governor Nguyen Thi Hong speaks at the ceremony
The compulsory transfers of poor-performing credit institutions are one of the measures in order to ensure the macro-economic stability, the national financial and monetary security, the political stability, as well as the social order and safety.
This matter has received a lot of attention of the leadership of the Communist Party, the National Assembly, and all competent authorities; and the Government and the Prime Minister have provided very strong directions. Accordingly, the SBV has closely coordinated with the relevant Ministries and agencies to direct the involving banks to develop plans for the compulsory transfers and submit to the competent authorities for approval in accordance with the applicable laws.
Upon completion of the compulsory transfers, the GPBank and DongABank will be one-member limited liability commercial banks with 100% of their charter capital owned by VPBank and HDBank respectively.
Deputy Governor Pham Quang Dzung announces the two Decisions on compulsory transfers
Under the management of VPBank and HDBank as the owners of GPBank and DongABank, all legitimate rights of the depositors and the clients at GPBank and DongABank shall continue to be guaranteed in accordance with the agreements and the applicable laws.
VPBank and HDBank are among the leading commercial banks with sufficient capacity, experience and solid foundations to ensure successful implementation of the compulsory transfer plans. In addition, with the applied mechanism according to the laws, the receipt of the compulsory transfers is also an opportunity for VPBank and HDBank to expand their operations and launch new business models.
HY