Seven strategic directions to lead the nation into a new era WB, Switzerland help boost Viet Nam’s sustainable urban development Finance ministry proposes extending environmental tax cut on fuel products in 2025 Workshop looks to address environmental management issues in industrial areas PM visits President Ho Chi Minh relic site in Kunming

Mandatory transfers announced for CB, OceanBank

09:51 | 21/10/2024 Finance-Banking Follow Ven.vn on
In a move to restructure the credit institution system and tackle bad debts, the State Bank of Vietnam (SBV) has announced the mandatory transfer of two major banks.
This decision transforms both CB and OceanBank into single-member limited liability commercial banks, with 100% of their charter capital now under the ownership of Vietcombank and the MB, respectively.
Mandatory transfers announced for CB, OceanBank
At the event (Photo: VNA)

Speaking at the event, Deputy Prime Minister Ho Duc Phoc highlighted the urgency of this restructuring, urging the SBV to take drastic measures to address the lingering issue of bad debts that have plagued the banking sector for years.

Phoc underlined the need for effective management tools for interest and exchange rates, promoting safe and efficient credit growth to meet the 2024 target of 15% growth.

He also called for stabilising lending rates, enhancing supervision to remove challenges faced by businesses, and accelerating the adoption of digital payments.

Source: VNA

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