Exclusive-Vietnam expands massive bank rescue effort on deposit exodus, document shows

Published on: Monday 03 June 2024

Vietnam's central bank lent another $1.2 billion to ailing Saigon Joint Stock Commercial Bank over the last two months, according to a bank document seen by Reuters, taking the total to $24.5 billion as part of its efforts to rescue depositors. The massive bailout of Saigon Joint Stock Commercial Bank's (SCB) depositors has so far cost the central bank the equivalent of 6% of Vietnam's 2023 gross domestic product in special loans. Reuters reported in April that the central bank had mounted an "unprecedented" rescue of SCB, a lender engulfed in the nation's biggest financial fraud, which a source at that time said would collapse without the funding.

News source: https://finance.yahoo.com/news/exclusive-vietnam-expands-massive-bank-053209736.html

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Exclusive-Vietnam expands massive bank rescue effort on deposit exodus, document shows