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Banking & Finance

VNCB back in business

Released at: 15:04, 01/07/2015

VNCB back in business

Vietnam Construction Bank back in operation after being taken over the State in March.

by Hung Nguyen

Some four months after it was taken over by the State and restructured with support from Vietcombank, the Vietnam Construction Bank (VNCB) officially returned to operations on July 1 complete with a new brand identity.

The bank will offer banking services relating to house repair or purchase and the purchase of land, motor cars, and other consumer goods, with preferential loans including a maximum term of 20 years and flexible repayments for customers who earn from VND5 million ($230) a month.

VNCB will offer promotions, such as free account openings, no issuance fees, annual fees, or charges for ATM withdrawals, and one year free of use its internet banking service and free use of SMS banking until the end of this year.

On March 5 the Governor of the State Bank of Vietnam (SBV) signed Decision No. 249/QD-NHNN on taking over all shares of VNCB and transforming it into a single member limited company owned by the State.

Its charter capital at that time was VND3 trillion ($142.85 million).

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