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Three banks to get bonds for bad-debt swap

Oct 17th at 13:50
17-10-2013 13:50:54+07:00

Three banks to get bonds for bad-debt swap

The Viet Nam Asset Management Company (VAMC) will issue bonds worth VND792.66 billion (US$36.03 million) to buy bad debts from SHB, SCB and GPBank, according to a report from the State Bank of Viet Nam.

SBV said SHB would receive bonds worth VND74.65 billion ($3.39 million), GPBank would get VND170.08 billion ($7.73 million) and SCB, VND547.93 billion ($24.9 million). There will be no interest on the five-year bonds, which came into effect on October 16.

Starting this month, VAMC signed contracts to buy bad debts from Agribank, PGBank, SCB, SHB and SouthernBank.

Last week, SCB signed a contract to sell VND1.3 trillion ($59.09 million) of bad debt to VAMC, bringing the total bad debt it sold to about VND1.8 trillion ($81.818 million) and helping to decrease the bank's non-performing loan ratio to less than 3 per cent.

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