Continue compulsory transfer of weak banks GPBank and DongA Bank

The State Bank has forced the transfer of weak banks GPBank and DongA Bank to VPBank and HDBank . Thus, 3 zero-dong banks and 1 weak bank have received forced transfer.

The State Bank continues to forcefully transfer weak banks GPBank and DongA Bank - Photo: Contributor

Information from VPBank said that on January 17, the State Bank held a ceremony to announce the decision to compulsorily transfer Global Petroleum Commercial Bank (GPBank) to Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and DongA Commercial Joint Stock Bank (DongA Bank) to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank).

Thus, after many years of carrying out necessary procedures, up to now, 3 banks bought by the State Bank for 0 VND, namely GPBank, CBBank, Oceanbank and the specially controlled bank DongA Bank, have been forced to transfer to 4 banks with healthy financial potential.

According to a representative of the State Bank, after the mandatory transfer, GPBank and DongA Bank will become single-member limited liability commercial banks, with 100% of the charter capital owned by VPBank and HDBank.

At the same time, under the management of VPBank and HDBank as owners, all legitimate rights of depositors and customers at GPBank and DongA Bank continue to be guaranteed in accordance with the agreement and provisions of law.

VPBank and HDBank are joint stock commercial banks with sufficient capacity, experience and solid foundation to successfully implement compulsory transfer plans.

VBank assesses that, with the mechanism applied according to legal regulations, the mandatory transfer is also an opportunity for VPBank and HDBank to expand operations and deploy new, modern business models.

Compulsory transfer of weak organizations is one of the solutions to contribute to ensuring macroeconomic stability, national financial and monetary security, political stability and social order and safety.

Previously, in mid-October 2024, the State Bank announced the compulsory transfer of two weak banks to be purchased at 0 VND. Those are Construction Joint Stock Commercial Bank (CBBank) transferred to Vietcombank. Ocean Joint Stock Commercial Bank (Oceanbank) transferred to MBBank.

Responding to Tuoi Tre Online about how depositors' rights will be guaranteed after the compulsory transfer of weak banks, the State Bank representative replied that the goal of compulsory transfer is to help weak banks overcome difficulties, ensure safety, and comply with legal regulations.

"Before, during and after the transfer process, depositors' deposits are completely guaranteed," affirmed Mr. Nguyen Duc Long, deputy chief inspector of the State Bank's Inspection and Supervision Agency.

Regarding the rights of the transferee bank, according to Mr. Long, the transferee bank must receive support measures according to regulations.

Source: https://tuoitre.vn/tiep-tuc-chuyen-giao-bat-buoc-ngan-hang-yeu-kem-gpbank-va-donga-bank-20250117112244241.htm