The State Bank of Vietnam (SBV) will put loss-making Ocean Bank under special surveillance in accordance with the law due to its weak performance and numerous violations of the law.

In a press release on April 25, the SBV said it will acquire 100 percent of shares in the Ocean Bank to clear the way for its restructuring and secure deposits, terminating all rights and interests of current shareholders.

It appointed the Industrial and Commercial Bank of Vietnam (Vietinbank) to jointly operate and manage the failing bank and affirmed that all legal rights and interests of depositors are guaranteed.

The announcement was made after the meeting of Ocean Bank shareholders on April 25 morning.

Ocean Bank is the second financial institution to be bought by the SBV, following the acquisition of Vietnam Construction Joint Stock Commercial Bank (VNCB) at 0 VND (zero) per share on February 2 this year.-VNA