The State Bank of Vietnam (SBV) will put loss-making Ocean Bank under special surveillance in accordance with the law due to its weak performance and numerous violations of the law.
The State Bank of Vietnam (SBV) will put loss-making Ocean Bank underspecial surveillance in accordance with the law due to its weakperformance and numerous violations of the law.
In apress release on April 25, the SBV said it will acquire 100 percent ofshares in the Ocean Bank to clear the way for its restructuring andsecure deposits, terminating all rights and interests of currentshareholders.
It appointed the Industrial andCommercial Bank of Vietnam (Vietinbank) to jointly operate and managethe failing bank and affirmed that all legal rights and interests ofdepositors are guaranteed.
The announcement was made after the meeting of Ocean Bank shareholders on April 25 morning.
Ocean Bank is the second financial institution to be bought by theSBV, following the acquisition of Vietnam Construction Joint StockCommercial Bank (VNCB) at 0 VND (zero) per share on February 2 thisyear.-VNA
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