Acquisition the third by central bank following continued poor business performance.
The State Bank of Vietnam (SBV) issued Decision No. 1304/QD-NHNN on July 7 on it taking over all shares of the Global Petro Bank (GPBank) and transforming it into a single member limited company owned by the State. The decision nominates a price of VND0 per share and the termination of all rights, benefits, and shareholder roles.
The charter capital of the new bank will be VND3.01 trillion ($138.37 million).
Since 2012 the SBV has investigated many cases of fraud and weakness given the bank’s poor business performance, negative charter capital, and inadequate management activities. Over the last three years it has created many favorable conditions for GPBank to reorganize itself but the lack of change made SBV move to take it over.
This is the third bank the SBV has taken over at the same VND0 purchase price, following the Vietnam Construction Bank and OceanBank.
The SBV indicated that all rights of customers at GPBank will be secured.
It has assigned VietinBank to support the bank’s reorganization, with Ms. Tran Thi Le Nga, Director of Vietinbank’s Supervisory Board, becoming Chairwoman of GPBank, and Mr. Pham Huy Thong, Deputy Director of Vietinbank, becoming its General Director.