At the recent banking industry conference, Mr. Luu Trung Thai – Chairman of the Board of Joint Stock Commercial Bank Military Bank (MB) – shared that following the official transfer of OceanBank on October 17, MB has perfected its new organizational structure and completed the key personnel arrangement, including the Members’ Council, Supervisory Board, and Management Board.
“On December 10, MB finalized the decisions on the key personnel, comprising the Members’ Council and Supervisory Board of OceanBank. MB has assigned nearly 80 high-quality, experienced, and morally upright individuals, carefully selected to supplement OceanBank’s team. We are arranging and providing training to OceanBank’s staff in professional knowledge and skills, ensuring their income,” Mr. Thai informed.
 OceanBank has achieved new milestones post-transfer. |
From October 17 to December 13, OceanBank witnessed a deposit growth of VND 1,229 billion and a credit growth of VND 555 billion. MB and OceanBank have executed debt sales totaling nearly VND 6,000 billion. The post-transfer operations have proceeded smoothly and safely, without any transaction interruptions or incidents.
Regarding CB Bank, it has officially become a member unit of Vietcombank since October 17, embarking on a new journey under its management.
Right after the transfer, under Vietcombank’s management and leadership, urgent tasks such as a comprehensive inventory of vault and assets were undertaken, along with a review of the legal framework. The bank’s products and services will gradually align with Vietcombank’s system, both online and offline.
Since the official transfer, CB has twice increased deposit interest rates significantly and launched various customer appreciation programs to attract capital.
According to Vietcombank, the mandatory transfer of CB to Vietcombank complies with current legal regulations and approvals from authorized agencies. This move aims to gradually restore normal operations, address weaknesses, and transform CB into a financially healthy bank that ensures continuous operations.
Recently, the Government requested the State Bank to submit a plan for the mandatory transfer of GPBank and DongA Bank before December 20. GPBank was acquired by the State Bank for VND 0 in 2015, while DongA Bank is under special control.
The leaders of two private banks, VPBank and HDBank, have also announced their willingness to accept the transfer of weak banks.
Special control is a professional measure to tightly control and limit negative impacts on the bank and the entire credit institution system. The State Bank has shared that the challenge in restructuring weak banks lies in finding commercial banks that meet the conditions for the transfer. This process is prolonged and challenging, depending largely on the voluntary participation and requiring time to convince shareholders, especially major and strategic foreign shareholders.
At the banking industry conference on December 14, Governor Nguyen Thi Hong emphasized that the State Bank had made significant progress in handling weak banks. Two zero-dong banks have been mandatorily transferred, and the plans for the remaining two are awaiting approval from competent authorities this year. “This marks an unprecedented phase, requiring close coordination between agencies,” Governor Nguyen Thi Hong stated.
Ngoc Mai
The Greenback Inches Up, Yuan Continues to Slip
On the morning of December 4th, the exchange rate between the Vietnamese Dong and the US Dollar experienced a slight uptick, while the rate against the Chinese Yuan continued its downward trend.
The Greenback and the Yuan: A Tale of Two Currencies’ Decline
At Vietcombank, one of the leading commercial banks in Vietnam, the USD exchange rate stands at 23,157-23,460 VND/USD (buying-selling), a decrease of 7 VND from the morning of December 6th. Meanwhile, the Chinese Yuan also witnessed a drop of 5 VND.
Online Lending: A Fair Alternative to High-Interest Loans for Seasonal Businesses
The banks have launched multiple financial support packages, but merchants still face challenges in accessing these funds due to stringent loan requirements. As a result, they often resort to borrowing money from loan sharks at exorbitant interest rates. Understanding their plight, KiotViet & MB have joined forces to offer a much-needed lifeline – a financial aid package worth up to 1,000 billion VND. This initiative boasts simplified procedures and attractive interest rates, making it a game-changer for struggling small businesses.
The Highest Savings Rates: A Turnaround for a Bank Under Special Supervision
“Currently, most banks under special control, including Dong A Bank, OceanBank, CB, and GPBank, are offering some of the highest interest rates in the market.”
The Surprising Savings Rates at the ‘Zero-Dollar’ Bank Group
GPBank, a leading 0 VND bank, has surprised the market with a significant hike in savings interest rates. This move sets them apart from another 0 VND bank that was recently handed over and has chosen to reduce interest rates.
