Business

State Bank aims to crack down on inefficient banks

The State Bank of Vietnam has moved to eliminate inefficient credit institutions during the 2013-15 period.
The State Bank of Vietnam has moved to eliminate inefficient credit institutions during the 2013-15 period.

In a recent directive, the central bank asked credit institutions toperform a comprehensive review of their internal operations and takecorrective measures they are both earring a profit and operating incompliance with all current laws and regulations.

Institutions that incur losses will be closed or merged into other institutions.

The review will include all domestic and foreign subsidiaries,transaction offices, savings funds and representative offices of creditinstitutions.

Restructuring plans are due by April 30.-VNA
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