Over the past time, operations of the Ocean Joint – Stock Commercial Bank (Ocean Bank) has shown weaknesses. The Bank has seriously violated the legal regulations on banking management and governance. In order to control the risks and minimize the asset loss of the Ocean Bank, the State Bank of Vietnam (SBV) decided to put the Ocean Bank under the special control in accordance with law.
Pursuant to the Law on Credit Institutions, Decision No. 48/2013/QD-TTg of the Prime Minister dated August 1, 2013 on the capital contribution, mandatory acquisition of the stakes of credit institution under special control, the SBV announced a mandatory acquisition of all stakes of the Ocean Bank. Accordingly, the SBV has become the new owner of 100% of Ocean Bank’s charter capital, terminating entire rights, interests and shareholder status of the Ocean Bank shareholders.
In additon, the SBV assigned Vietnam Joint – Stock Commercial Bank for Industry and Trade (Vietinbank) to participate in the management of the Ocean Bank. At the same time, the SBV asserted that all legitimate rights and interests of depositors at the Ocean Bank will continue to be guaranteed in accordance with law.
The State Bank of Vietnam
Translated by TLH