Saigon Commercial Bank (SCB) recently announced the liquidation of various assets across Ho Chi Minh City, Hai Duong, Nghe An, Tay Ninh, Thanh Hoa, Bac Ninh, Gia Lai, and Vinh Long.

All assets, equipment, and materials will be liquidated as a whole lot through sealed bids for interested individuals and organizations.

Currently, the bank operates approximately 50 branches nationwide, primarily concentrated in Ho Chi Minh City.

Before being placed under special control in October 2022, SCB held the largest total assets among private banks. Since the arrest of Ms. Truong My Lan, the bank has gradually scaled down its operations, closing over 100 transaction offices across the country.

Last year, the State Bank of Vietnam stated it had drafted a proposal to the Government and the Politburo regarding SCB's restructuring plan. The agency previously indicated that many investors had proposed participating in the bank's restructuring. Van Thinh Phat Group Joint Stock Company was one of the entities that submitted a proposal, suggesting a 12-year roadmap to address the consequences at SCB and confirming it has 2 billion USD in funds available.

Quynh Trang