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State Bank aims to crack down on inefficient banks

Update: April, 17/2013 - 10:23

HA NOI — The State Bank of Viet Nam has moved to eliminate inefficient credit institutions during the 2013-15 period.

In a recent directive, the central bank asked credit institutions to perform a comprehensive review of their internal operations and take corrective measures to ensure they are both earning a profit and operating in compliance 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 credit institutions.

Restructuring plans are due by April 30. — VNS

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