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Vietnam's central bank to handle 5 weak banks this year

Xinhua, January 4, 2017 Adjust font size:

The State Bank of Vietnam, the country's central bank, announced on Wednesday that five poorly-performing commercial banks will be handled definitively in 2017.

The five weak banks are VNCB, OceanBank, GPBank, DongA Bank, and Sacombank.

The central bank has already bought back three of them, including VNCB, OceanBank, and GPBank, the central bank's deputy chief inspector Nguyen Van Hung told reporters.

In 2015, the central bank took over all shares from the three troubled lenders due to their management weakness, serious risks, and failure to find partners or devise feasible reform plans.

Credit institutions in Vietnam saw lending growth of over 18.7 percent in 2016 against 2015, while their capital mobilization grew nearly 18.4 percent, which helped the country curb its inflation rate at over 4.7 percent last year, said the central bank. Endit