Vietcombank Completes Mandatory Acquisition of CBBank Under State Bank of Vietnam Directive

Vietcombank completed its mandatory acquisition of CBBank — formerly Vietnam Construction Bank — on 17 October 2024, finalising a mandatory transfer directed by the State Bank of Vietnam, which had itself acquired the lender for zero dong in 2015. The transfer places CBBank under the ownership of Vietcombank, a state-owned commercial bank.

CBBank had been placed under special control by the State Bank of Vietnam. Under the Vietnamese regulatory framework, the State Bank is empowered to direct a financially sound institution to take over a failing bank.

PART OF SBV FOUR-BANK RESOLUTION PLAN

The CBBank transfer is one of four mandatory bank acquisitions planned by the State Bank of Vietnam.