Saturday, July 19, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Real Estate

Vietnam central bank preparing restructuring plan for troubled lender SCB

by Stephanie Irvin
in Real Estate
Vietnam central bank preparing restructuring plan for troubled lender SCB
Share on FacebookShare on Twitter


Published Mon, Apr 21, 2025 · 03:11 PM

[HANOI] Vietnam’s central bank is drafting a plan to restructure the troubled Saigon Joint Stock Commercial Bank (SCB), the lender at the centre of the country’s biggest financial fraud on record, local media reported.

The plan, which was developed by investors, is awaiting suggestions from relevant bodies before being submitted to the government and the Communist Party’s Politburo, the country’s top decision-making body, the finance ministry’s Dau Tu newspaper reported at the weekend.

The report gave no details on the plan or a timeframe for its submission. The State Bank of Vietnam placed SCB under its supervision to stem a run on the bank sparked by the October 2022 arrest of real estate tycoon Truong My Lan, who was sentenced to death over her role in the US$12 billion fraud case. SCB has since been using cash injections from the central bank to cover cash withdrawals, Reuters has reported.

The central bank and government have repeatedly sought help for SCB from the private sector, specifically calling on foreign investors, according to state media, despite restrictions such as a 30 per cent cap on combined foreign ownership of Vietnamese banks. Last month, Reuters exclusively reported that Vietnam developer, Sun Group, had proposed 15-year rescue for SCB. REUTERS

Share with us your feedback on BT’s products and services

Tags: BankCentralLenderplanPreparingRestructuringSCBtroubledVietnam
Stephanie Irvin

Stephanie Irvin

Next Post
At Shanghai auto show, EV makers to grapple with autonomous-tech crackdown, launch Tesla ‘killers’

At Shanghai auto show, EV makers to grapple with autonomous-tech crackdown, launch Tesla ‘killers’

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2024 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In