Friday , June 2 2023

PM urges swift restructure of lender SCB

Prime Minister Pham Minh Chinh has instructed the State Bank of Vietnam to swiftly draft plans for restructuring weak banks, including the Saigon Joint Stock Commercial Bank (SCB).

At a meeting he held with its management on April 22, he said the restructure should be transparent and “prevent loss of assets,” the central bank said Sunday.

The restructure will help develop a healthy banking system, limit unfair competition and create conditions for lowering interest rates, it said.

After depositors rushed to SCB branches to withdraw their money last October, the State Bank of Vietnam placed it under special control to head off a contagion threat.

SCB, formed by a merger of three banks in January 2012, is the biggest private bank by assets.

Many banks have been placed under special control in the past, but all have recovered and even thrived since.

The PM also instructed the central bank to issue a circular to announce a rollover of debts for both businesses and individual borrowers until June 2024.

Following the Covid outbreak banks rolled over debts until December 2022 but only for businesses.

He said the central bank should have proactive monetary and fiscal policies to curb inflation and stabilize the economy, striking a reasonable balance between growth and inflation and interest and exchange rates.

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