The Bank Continues to Shut Down: Half of SCB’s Branches Across the Country are Now Closed.

The Saigon Commercial Joint Stock Bank (SCB) has recently announced the closure of nine transaction offices in Hai Phong, Dong Nai, and Ho Chi Minh City.

Specifically, five SCB transaction offices ceased operations on July 18th: Tran Nguyen Han Transaction Office (under Hong Bang Branch) at 266H-266G Tran Nguyen Han, Niem Nghia Ward, Le Chan District, Hai Phong City;

Lạch Tray Transaction Office (Hong Bang Branch) at 308-310 Lạch Tray, Kenh Duong Ward, Le Chan District, Hai Phong City;

Le Hong Phong Transaction Office (Hong Bang Branch) at 20 B1 Lot 7B Le Hong Phong, New Ngã Năm Cat Bi Airport, Dong Khe Ward, Ngo Quyen District, Hai Phong City;

Tan Bien Transaction Office (Dong Nai Branch) at 119/7A Ward 5B, Hanoi Highway, Tan Bien Ward, Bien Hoa City, Dong Nai Province;

Tan Cang Transaction Office (Cho Lon Branch) at Landmark 4 Building, Ward 22, Binh Thanh District, Ho Chi Chi Minh City.

Four SCB transaction offices closed on July 15th and 16th: Van Thanh Transaction Office (Tan Dinh Branch) at 86 Nguyen Gia Tri, Ward 25, Binh Thanh District, Ho Chi Minh City;

An Nhon Transaction Office (Binh Dinh Branch) at 105 Tran Phu, Binh Dinh Ward, An Nhon Town, Binh Dinh Province;

District 3 Transaction Office (Pham Ngoc Thach Branch) at 188 Cach Mang Thang 8, Ward 10, District 3, Ho Chi Minh City;

Le Dai Hanh Transaction Office (Tan Phu Branch) at 219 – 221 Le Dai Hanh, Ward 13, District 11, Ho Chi Minh City.

Earlier, in early July, SCB also announced the closure of three transaction offices in Tien Giang and one in Ho Chi Minh City.

According to the investigation report of the police, in October 2022 – before being placed under special control, SCB had one head office in Ho Chi Minh City, 50 branches, and 184 transaction offices nationwide.

Thus, since being placed under special control, SCB has closed more than 90 transaction offices nationwide, equivalent to nearly half of the number of transaction offices the bank had before.

SCB affirmed that the closure of these transaction offices would not affect the bank’s operations. At the same time, all rights and transactions of customers are guaranteed to be fully implemented at other SCB transaction offices.

Nearly two years ago, on October 15, 2022, the State Bank of Vietnam announced a decision to place the Saigon Commercial Joint Stock Bank (SCB) under special control to stabilize the bank’s operations. The special control of a credit institution by the State Bank is a professional measure prescribed by law to closely control and limit negative impacts on that credit institution and the system of credit institutions.

The State Bank has also selected and appointed experienced, capable, and professionally qualified officers from state-owned commercial banks (Vietcombank, BIDV, VietinBank, Agribank) to participate in the management and administration of SCB.