State Bank becomes owner of Construction Bank

The State Bank of Vietnam (SBV) yesterday announced an obligatory purchase of all stakes of Vietnam Construction Bank (VNBC) at the price of 0 dong per share.

SBV has become the new owner of 100 percent VNBC chartered capital, ending entire rights, interests and shareholder status of all VNBC shareholders.

Earlier on January 31 VNBC organized an unusual shareholder meeting to publicly announce independent audit results about its financial condition, real value and chartered capital.

The conference decided not to supplement the bank’s chartered capital to ensure that the real value of minimum chartered capital is equal to legal capital.

According to the State Bank, its purchase of all VNBC stakes bases on credit Institution Law, SBV’s Decision No.48 on capital contribution and obligatory share purchase to credit institutions under special control, and the shareholder meeting’s resolution.

Joint stock commercial Bank for Foreign Trade of Vietnam (Vietcombank) will attend in VNBC management to implement a restructuring project that has been approved.

SBV affirmed that depositors’ rights and legal benefits at VNBC will be ensured as per regulations.

VNBC headquartered in the Mekong Delta province of Long An with forerunner being Trust Bank.

By Ham Yen – Translated by Hai Mien

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