Thursday , March 23 2023

Central bank seeks to reduce banks’ loans to their shareholders

The State Bank of Vietnam is seeking to reduce the amount banks can lend to their shareholders as part of efforts to prevent manipulation and reduce cross-ownership.

It wants to reduce the maximum loan a bank can give a customer to 10% of its capital from the current 15%, and maximum loans to a customer and affiliates to 15% from the current 25%.

Besides, it wants to limit an individual’s ownership in a bank to 3% or less, down from the current 5%, and an organization’s ownership to 10%, down from the current 15%.

But this rule will not apply to banks that are under special control or to the government’s ownership.

The proposals are also meant to enable a more equitable distribution of bank credit.

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