This afternoon, CBBank and Oceanbank were forcibly transferred to Vietcombank and MB.
At a press conference on banking activities in the third quarter on the afternoon of October 17, Mr. Nguyen Duc Long, Deputy Chief Inspector of the Inspection and Supervision Agency (State Bank), said that this afternoon there will be a mandatory transfer ceremony for two banks, Construction Bank (CBBank) and Ocean Bank (OceanBank).
Of which, the Bank for Foreign Trade of Vietnam (Vietcombank) received the transfer of CBBank, and the Military Bank (MB) received OceanBank.
Two other banks, Global Petroleum Bank (GPBank) and DongA Bank, are expected to continue to complete the plan and transfer in the future.
Regarding the rights of depositors, Mr. Long affirmed that they will be guaranteed "before, during and after the transfer process". The goal of the transfer is to bring weak banks back to normal operation, overcome accumulated losses, and ensure regulations on operational safety.
Oceanbank was originally Hai Hung Rural Bank. After Mr. Ha Van Tham bought back shares, this bank changed its model to an urban bank, changing its name to Ocean Bank in 2007. After Mr. Tham was arrested, Oceanbank was bought by the State Bank for 0 VND and Vietinbank supported its management.
CBBank, formerly known as Rach Kien Rural Bank, was converted to an urban model in 2006 under the name Dai Tin (TrustBank). In 2013, Thien Thanh Group and a number of shareholders contributed capital and restructured Trust Bank, changing its name to Vietnam Construction Bank (VNCB). In 2015, the State Bank acquired VNCB for 0 VND, with Vietcombank participating in support, management and operation, and then changed its brand name to CBBank.
Previously, at the annual shareholders' meeting in recent years, leaders of MB and Vietcombank shared that receive transfer It is mandatory not to require the receiving bank to spend money to buy, because this is a weak unit in the restructuring process that was bought for 0 VND.
To deal with the accumulated losses of the zero-dong bank, MB leaders said the most important measure is still the support of the State Bank. Accordingly, the bank receiving the transfer will be able to borrow at 0% interest during the restructuring period and will be allowed to grow to a higher scale.
If the restructuring fails, the receiving bank cannot return the bank to the State for 0 VND, but can sell it as an investment or IPO to become a joint stock bank, MB leaders also shared.
According to Vietcombank's leadership, the transferee organization will have the right to decide and handle the compulsory transfer bank: if a suitable foreign organization is found, the transferee organization can be sold, maintained or have other options such as conversion, reform, such as switching to a digital bank. If the restructuring is successful, the zero-dong bank can merge into the compulsory transferee bank, Vietcombank, MB.
Oceanbank and CBBank are two banks that were bought by the State Bank at 0 VND in 2015. In addition to Oceanbank and CBBank, there is currently another 0 VND bank, GPBank, and two banks under special control, DongABank and SCB.
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