Vietnamese government urges SBV to address SCB concerns

September 13, 2023 | 12:10

(0) user say

The restructuring process of Saigon Commercial Bank (SCB) has been brought to the forefront of discussions with a number of closures.

Vietnamese government urges SBV to address SCB concerns

On September 12, the Vietnamese government pressed the State Bank of Vietnam (SBV) to urgently report on potential solutions for SCB – which is closely linked to Van Thinh Phat Group, emphasising the importance of avoiding further delays.

This directive was articulated in Resolution 144, following the government's regular meeting in August.

SCB's Tan Dinh branch ceased operations at its Thanh Da transaction office on August 25.

The Thanh Da transaction office, situated at 774 (previously 632) Xo Viet Nghe Tinh in Ho Chi Minh City, previously assured customers that their rights and transactions will remain intact, with full services being rendered at alternative SCB transaction points.

The past couple of months have witnessed SCB wrapping up a number of its transaction offices across Ho Chi Minh City, Hanoi, and Nghe An.

Specifically, in July, SCB discontinued six transaction offices in Ho Chi Minh City. These included Minh Khai Office in Cong Quynh Branch in District 3, An Dong Plaza Office, part of Saigon Branch located in An Dong Plaza Trade Centre in District 5, Tran Quang Khai Office in Tan Dinh Branch in District 1, Bau Cat Office of Thong Nhat Branch, Nha Rong Office within Saigon Branch, and Co Giang Office in Cong Quynh Branch.

Moreover, June saw the bank announcing the closure of three other transaction offices, including Hung Dung Office in Nghe An Branch, Thanh Cong Office in Hai Ba Trung Branch in Hanoi, and a District 1 office in Cong Quynh Branch.

SCB appoints new chairman and board members

The new members of SCB's Board of Directors come from four state-owned banks, with SCB now under special supervision.

Manulife Vietnam repays over $34 million in light of accusations

Manulife Vietnam has received 6,060 complaints, resolving 3,553 and refunding over VND800 billion ($34.79 million) regarding allegations against it and SCB of insurance contract deception.

SCB announces branch closures amidst restructuring

Saigon Commercial Joint-Stock Bank (SCB) is closing several branches as part of its restructuring efforts. The bank has reassured customers that their rights and transactions are guaranteed, and that it is complying with directives laid out by the State Bank of Vietnam (SBV).

By Lam Tien

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional