Lender SCB restructuring plan submitted to government

By Anh Minh   September 18, 2023 | 06:11 pm PT
Lender SCB restructuring plan submitted to government
Customers and staff are seen inside a branch of Saigon Commercial Bank. Photo courtesy of the bank
The State Bank of Vietnam (SBV) has presented a restructuring plan to the government in hopes of receiving approval to restructure Saigon Commercial Bank (SCB).

SCB was put under special control by the central bank in October last year after many customers flocked to its branches to withdraw their savings, fearing that the lender might collapse.

In the history of the banking industry, many institutions have come under special control but have since recovered and thrived.

Other ailing banks that the SBV is making plans to restructure include CBBank, OceanBank, GP Bank and DongABank.

An inspection unit at the National Assembly said earlier that the restructuring of these banks take a long time as it is up to healthy lenders to decide voluntarily whether they want to merge with the ailing lenders.

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