SBV announces bank is now officially a single member limited bank and assigns new management.
The State Bank of Vietnam (SBV) made an official announcement today on the transformation of Oceanbank into a single member limited bank owned by the State.
The bank’s Board of Management and Supervisory Board are now primarily comprised of officials from Vietinbank.
Mr. Do Thanh Son, previously Director of Vietinbank’s Branch 11 in Ho Chi Minh City, has been assigned as Oceanbank Chairman.
Mr. Ngo Tuan Anh has been assigned as General Director and Member of the Board of Consultancy. He was previously Deputy Head of the Credit Regime Department at Vietinbank.
Oceanbank exhibited many instances of fraud and other shortcomings. At its recent annual general meeting the bank’s shareholder rejected plans to increase its charter capital. In order to re-organize the bank and ensure its woes did not have any negative influence on the banking sector as a whole and to protect the rights of its depositors, the SBV purchased all shares at a price tag of zero and terminated all rights of and benefits to existing shareholders, with Vietinbank to assist it in management, according to Mr. Nguyen Huu Nghia, Head of the Bank Inspection & Supervision Department at the SBV.
Under direction from the SBV, Vietinbank has quickly compiled a re-organization plan for Oceanbank, to address its legal violations and other weaknesses and improve its management activities to make it develop in a sustainable manner.