The assets will be sold in bulk lots through a sealed-bid process, with contracts awarded to the highest bidders.

The liquidation covers all assets, work tools and materials located at SCB's Hong Bang, Binh Duong, Hai Phong, Nghe An, Can Giuoc, Thanh Hoa, Vung Tau, Bac Ninh, Binh Dinh, Ben Tre and Khanh Hoa branches.

The bidding process is open to both individuals and organizations with an interest in purchasing the assets.

According to the bank, assets at each branch will be sold as a single lot. Bidders must submit sealed offers using forms prescribed by SCB. The liquidation council will review the bids and select the highest offer.

Winning bid prices will be inclusive of value-added tax (VAT).

Potential buyers are allowed to inspect the assets during June.

Part of a broader restructuring process

This is not the first time SCB has conducted asset liquidation.

Over the past three years, the bank has repeatedly announced sales of ATMs, specialized cash transport vehicles and various other assets.

At the same time, SCB has significantly reduced its operating network. More than 100 transaction offices have been notified of closure since the bank was placed under special control.

SCB's headquarters is located at 19-21-23-25 Nguyen Hue Street, Sai Gon Ward, Ho Chi Minh City.

Before being placed under special control at the end of 2022, the bank had charter capital of VND20.02 trillion, equivalent to approximately US$786 million. It operated 239 transaction points across 29 provinces and cities and employed more than 7,000 staff members.

The latest liquidation initiative reflects the bank's continued efforts to streamline operations as part of its ongoing restructuring process.

Tuan Nguyen