The State Bank of Vietnam has published decisions requiring the compulsory transfer of Global Petro Sole Member Limited Commercial Bank (GPBank) to Vietnam Prosperity Joint Stock Commercial Bank (VPBank) and DongA Commercial Joint Stock Bank (DongA Bank) to Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank). Following the transfer, GPBank and DongA Bank will operate as single-member limited liability commercial banks with 100% of charter capital owned by VPBank and HDBank. Compulsory transfer plans were prepared with coordination across relevant ministries, sectors and agencies and submitted for approval by competent authorities in accordance with legal requirements. Under VPBank’s and HDBank’s ownership, the legitimate rights of depositors and customers at GPBank and DongA Bank will continue to be protected in line with agreements and applicable law.
State Bank of Vietnam 2025-01-17
State Bank of Vietnam announces compulsory transfer of GPBank to VPBank and DongA Bank to HDBank
The State Bank of Vietnam has mandated the transfer of Global Petro Sole Member Limited Commercial Bank to Vietnam Prosperity Joint Stock Commercial Bank and DongA Commercial Joint Stock Bank to Ho Chi Minh City Development Joint Stock Commercial Bank. Post-transfer, both banks will operate as single-member limited liability commercial banks with full charter capital owned by their new owners. The transfer ensures the protection of depositors' and customers' rights in accordance with agreements and applicable law.