At a shareholders’ meeting of Ocean Joint Stock Commercial Bank on Saturday, the State Bank of Vietnam (SBV) announced an obligatory purchase of all OceanBank shares putting an end to its shareholders’ rights and benefits.

OceanBank’s operation was evaluated as a weak bank. Administration and management have badly broken banking by-law, according to an announcement by SBV.

The acquisition is to control risks and minimize losses for OceanBank properties, restructure it and prevent its losses from expanding expand to other banks.

All legal rights and benefits of OceanBank depositors will be ensured, affirmed SBV deputy governor Nguyen Thi Hong at a regular cabinet meeting last night.

SBV has appointed the Vietnam Joint Stock Commercial Bank for Industry and Trade to attend in managing OceanBank.