Depositors protected by government, central bank assures SCB customers

By Quynh Trang   October 9, 2022 | 07:22 pm PT
Depositors protected by government, central bank assures SCB customers
Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong. Photo by VnExpress/Hoang Phong
The government protects depositors and customers of Saigon Commercial Bank should not panic or withdraw their money, State Bank of Vietnam Governor Nguyen Thi Hong said Monday.

Recent rumors about SCB have affected it, and the central bank has acted to ensure its normal functioning and liquidity, she said.

"In Vietnam, bank deposits, including those at SCB, are protected by the government in all circumstances."

So SCB customers should stay calm and not withdraw prematurely, she said.

Crowds have been gathering at SCB branches since Saturday afternoon to withdraw their money.

The SCB affirmed that Truong My Lan, chairwoman of property developer Van Thinh Phat Group, who was arrested for alleged fraud related to issuance and trading of bonds worth trillions of dong (VND1 trillion = $41.87 million), does not hold managerial or executive positions at the bank.

It also noted that the An Dong Investment Corporation, a real estate firm under the Van Thinh Phat Group, which is linked to Truong My Lan’s violations in the issuance and trading of bonds, was not a shareholder of the bank.

The above-mentioned cases have not affected normal operations of SCB, the bank said, assuring that it has adequate solutions and resources to ensure the rights and interests of its depositors as well as partners and customers.

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