HCM City banks get green light for restructuring plans - HCM City banks get green light for restructuring plans - Website Ho Chi Minh City
Fourteen banks in Ho Chi Minh City have restructuring plans for the 2013–15 period; of these, eleven have already had their schemes approved by the State Bank of Viet Nam (SBV).
This statement was reported at a working session of the local National Assembly member delegation with the SBV branch and credit institutions in the city on May 12.
The eleven banks include Sai Gon Commercial Bank, Nam Viet Bank, Eximbank, An Binh Bank, Saigon Bank for Industry and Trade, Nam A Bank, Viet Capital Bank, Orient Commercial Bank, Asia Commercial Bank, DongA Bank and VietABank.
The three banks whose restructuring plans have not been approved yet include Sacombank, Southern Bank and HDBank.
Southern Bank was approved by the SBV in principle to merge with Sacombank, while HDBank acquired the Societe Generale Viet Finance Co and merged with DaiA Bank.
On March 31, the total bad debts in the city had reached around VND46.4 trillion, or USD2.21 billion, representing 4.85 percent of all local loans. Mortgages for the non-performing loans amounted to nearly VND77 trillion, or USD3.67 billion, in value.
In the first quarter of the year, local lenders solved VND3.53 trillion, or USD168.10 million, worth of bad debts. Of the figure, VND487 billion, or USD23.19 million, was sold to the Vietnam Asset Management Company.