HDBank undertakes mandatory transfer of DongA Bank
HDBank undertakes mandatory transfer of DongA Bank
The State Bank of Vietnam (SBV) announced a decision on January 17 to implement the mandatory transfer of DongA Bank to HDBank under a plan approved by the government.
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This measure is part of a restructuring scheme for credit institutions, aimed at addressing shortcomings and strengthening the banking sector in line with Party and government policies.
HDBank, with 35 years of experience, a strong financial foundation, solid reputation, and sound management capabilities, has been entrusted by the government and SBV to execute the mandatory transfer plan. Following the transfer, DongA Bank will operate as a single-member limited liability bank fully owned by HDBank, ensuring all rights of depositors and customers are upheld. DongA Bank will remain an independent legal entity and will not consolidate its financial reports with HDBank. It will be managed and supported by HDBank to gradually restore operations and improve its financial position.
The acquisition of DongA Bank provides HDBank with opportunities to expand its scale, grow credit portfolios, and develop new business models.
Both DongA Bank and HDBank will benefit from mechanisms supported by the SBV to ensure an effective transfer process. HDBank has successfully implemented several safe and effective restructuring and merger and acquisition projects, contributing to stability and growth for all parties involved.
HDBank will focus its resources and restructuring expertise to accompany and support DongA Bank in strengthening its operations and addressing issues, whil aiming to build DongA Bank into a financially sound, secure, and sustainably growing bank. This effort will ensure the rights of the bank’s employees and deliver enhanced benefits to customers and partners.
