The State Bank of Vietnam has reassured customers that Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) will remain unaffected by the arrest of the bank's former chairman Tran Bac Ha.

BIDV former chairman Tran Bac Ha

The Ministry of Public Security announced on November 29 that four people, including the former BIDV chairman Tran Bac Ha, had been detained and had their homes searched for their role in suspected violations at the bank.

The people arrested include former Chairman of the Board of Directors Tran Bac Ha, former Deputy General Director Tran Luc Lang, former Deputy Director of the BIDV Ha Tinh branch Kieu Dinh Hoa, and former chief of the corporate client office at the BIDV Ha Tinh branch Le Thi Van Anh.

After the arrest, the SBV has issued an announcement stating that the violations were committed years ago and they had asked BIDV to deal with the problems and recover the debts.

"BIDV is one of the largest banks in Vietnam. The suspects have all retired from their positions so the arrests do not have any impact on current operations at BIDV. Customers should feel confident that their savings are secure," SBV wrote in their announcement.

The SBV also directed BIDV to continue the banking reform to improve management. On November 26, BIDV announced that they had changed the legal representative from general director to chairman in their registration certificate.

On November 15, General Director Phan Duc Tu was promoted to BIDV chairman. Former Deputy General Director Tran Luc Lang also retired from November 29.

Dtinews