On October 17, 2024, in Hanoi, the State Bank of Vietnam (SBV) held a ceremony to announce the Decision on the compulsory transfer of the Construction Commercial One Member Limited Liability Bank (CB) to the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank); and the Decision on the compulsory transfer of the Ocean Commercial One Member Limited Liability Bank (Oceanbank) to the Military Joint Stock Commercial Bank (MB). Deputy Prime Minister Ho Duc Phoc attended and delivered a speech at the ceremony.
Deputy Prime Minister Ho Duc Phoc delivers a speech at the ceremony
The compulsory transfers of poor-performing credit institutions are one of the measures for the restructuring of the system of credit institutions in association with NPL resolution in order to contribute to ensuring the macro-economic stability, the national financial and monetary security, the political stability, as well as the social order and safety.
Governor Nguyen Thi Hong speaks at the meeting
This matter has received a lot of attention of the competent authorities; the Government and the Prime Minister have provided very strong directions; the SBV has closely coordinated with the relevant Ministries and agencies to direct the involving banks to formulate compulsory transfer plans to be submitted to the competent authorities for approval in accordance with the applicable laws.
Upon completion of the compulsory transfers, the CB and OceanBank will be one-member limited liability commercial banks with 100% of their charter capital owned by Vietcombank and the MB respectively.
Deputy Prime Minister Ho Duc Phoc and the Board of Management of the SBV, together with other participants take a group photo
Under the management of Vietcombank and the MB as the owners of the CB and OceanBank, all legitimate rights of the depositors, the rights and obligations of the customers at the CB and OceanBank shall continue to be guaranteed in accordance with the agreements and the applicable laws.
Vietcombank and the MB are among the leading commercial banks with sufficient capacity, experience and solid foundations to ensure successful implementation of the compulsory transfer plans. At the same time, with the applied mechanism according to the laws, the receipt of the compulsory transfers is also an opportunity for Vietcombank and the MB to expand their operations and launch new business models.
Le Hang