Press Release on DAB
Implementing the Scheme on restructuring the system of credit institutions which is promulgated in Decision No.254/QD – TTg dated march 1, 2012, the State Bank of Vietnam (SBV) inspected operations of the Dong A Joint- Stock Commercial Bank (DAB), and found out that from the period of 2012 backwards, DAB violated regulations on finance management, credit extension and other business operations, which adversely affected financial situation and banking operations of the DAB.
On August 12, 2015, the SBV announced the inspection results of the DAB in accordance with law and its decision to put the DAB under the special control. Accordingly, the SBV will dismiss and suspend several key leadership positions of the DAB and closely coordinate with authorities to strictly handle collectives and individuals of the DAB, who violated laws and regulations related to banking operations. The SBV will assign officials from the Joint-Stock Commercial Bank for Investment and Development of Vietnam (BIDV) to take over key leadership positions at the DAB.
The SBV will conduct consistent measures to ensure prudent operations of DAB and legitimate interests of depositors and obligations of relevant sides in accordance with law. At the same time, the SBV will comprehensively restructure the DAB to develop the bank safely and sustainably.
Translated by TLH