At the press conference announcing the results of the banking sector's Q3/2024 performance, Nguyen Duc Long, Deputy Chief Inspector of the Banking Supervisory Authority, confirmed that on the afternoon of October 17, the State Bank of Vietnam (SBV) would officially announce the mandatory transfer of two "zero-dong" banks: Ocean Commercial One Member Limited Liability Bank (OceanBank) and Construction Commercial One Member Limited Liability Bank (CB Bank).

In accordance with legal regulations and the directives of the Party and State, the SBV has developed and approved the transfer plan. The transfer decision has placed CB Bank under the control of Vietcombank, while OceanBank has been transferred to Military Bank (MB).

Long assured that the deposits of customers at these two "zero-dong" banks would be guaranteed before, during, and after the mandatory transfer process.

Regarding the handling of GPBank and Dong A Bank, Long stated that the SBV is directing the receiving banks to conduct reviews and will soon devise a plan for their mandatory transfer as well.

Deputy Governor of the SBV, Dao Minh Tu, noted that the level of support provided to the banks receiving the transfers will depend on the restructuring progress of the banks. However, he emphasized that support in some form is inevitable.

The receiving banks will also receive support, but they must adhere to the current legal framework.

Previously, for over a year, there had been reports that OceanBank would be transferred to MB, while CB Bank would be absorbed by Vietcombank. OceanBank had been supported by VietinBank following the SBV’s acquisition of the bank for zero dong in 2015. However, after VietinBank withdrew its personnel from OceanBank, MB stepped in to provide operational support, with MB’s senior leadership attending key events at OceanBank.

Tuan Nguyen