GPBank announces to look for partner for restructuring

22-Nov-2019 Intellasia | BizLIVE | 6:02 AM Print This Post

New information from Global Petro Sole Member Limited Commercial Bank (GPBank) showed that the bank is in need of looking for competent investors that meet the conditions prescribed in the Law on Credit Institutions and other relevant laws to join GPBank’s restructuring.

The deadline for investors to submit the restrucuturing plan is December 16th 2019.

With this information, GPBank became the first bank in Vietnam to have a specific notice of seeking a partner to restructure, eight years after the banking system’s restructuring process started in 2011.

GPBank is one of the nine banks subject to restructuring in 2012.

The bank then attracted great attention of the market when there was information about a 100 percent sale of shares to a foreign partner UOB from Singapore. However, by early 2015, this plan was indirectly announced to not come to an end.

A foreign partner from Malaysia also did not finalise the plan to buy this bank.

In July 2015, GPBank became the third bank to be acquired by the State Bank of Vietnam (SBV) at zero dong per share, after Construction Bank and Ocean Bank.


Category: Finance, Vietnam

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