Vietnam's central bank directs Vietcombank to acquire CBBank and OceanBank to MBBank for debt resolution and financial stability.

Vietnam's central bank has mandated the acquisition of Construction Bank (CBBank) by Vietcombank and OceanBank by Military Bank (MBBank). This restructuring aims to address bad debts and enhance financial stability. Both banks will become wholly-owned subsidiaries, ensuring customer rights are protected. The move is part of a broader strategy to improve the credit system and support economic growth targets, including a 15% credit increase by 2024.

October 18, 2024
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