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ECONOMYBANKING & FINANCE

State Bank of Vietnam stops acquiring banks for 0 Dong

Updated at Friday, 14 Apr 2017, 11:52
The Hanoitimes - From now on, State Bank of Vietnam stops buying the bank for 0 Dong, according to official statement on Vietnam Government electronic Portal, on 12th April.
This policy was approved at Government meeting of building law, when the officials discussed the draft Law on Restructuring of Credit Institutions and bad debts. 
Along with solution mentioned in the draft, lawmakers agreed that, since now, all the weak banks would be placed under special control without form State Bank acquisition prices 0 Dong. Banks bought buy State Bank for 0 Dong earlier will be managed according to the project plan law.
Three solutions for credit institution under control are: Recovery plans; plans for dealing with a legal entity (merger, unify, selling the entire charter capital, dissolution, bankrupt); plans for compulsory licensing credit institutions.
About the last plan, compulsory licensing schemes are schemes owners, contributing members, shareholders of credit institutions are controlled specifically to transfer the entire capital share, shares to credit institutions specified or the State Bank.This measure is applicable to credit institutions have the weakest situation, condition, procedure, competence is also the most closely regulated.
In last time, implementation of restructuring commercial banking system, in choosing not to bankruptcy, State Bank has in turn acquired compulsory three commercial banks with price 0 Dong, after these cases can not be implemented recovery measures. The three cases include: Construction Bank, Ocean Bank and Bank Global Petroleum.
Translated by Tu Anh
Tuoitre
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