Vietnam central bank takes over third loss-making lender

Visual from GPBank website

The State Bank of Vietnam (SBV) on Tuesday announced the take over of the Global Petro Bank (GPBank) after the commercial lender failed to address its inefficient operational issues. The move will help to consolidate the local fractured banking system.

“All acquisition of the shareholders’ shares are complimentary; to make sure that the State Bank of Vietnam is fully active in restructuring GPBank and helping purify the banking system,” the Vietnamese central bank said in a statement.

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