The State Bank of Viet Nam (SBV) took over Global Petrol Bank on July 7, after the bank failed to meet a deadline to have secured legal capital requirements.

A GP.Bank transaction office. The bank was acquired by the State Bank of Viet Nam on July 7. (Photo:kinhdoanhnet.vn)

As part of the take over, the SBV acquired all of the equity of the joint stock bank at a price of zero dong per share, converting it into a one-member limited company with a charter capital of more than 3 trillion VND.

The Global Petrol Bank, or GP.Bank, has been listed among the nation's weaker lenders that need to be managed for three years, after a national plan was put in place to restructure the nation's banking system.

SBV officials said the takeover would enable the central bank to become more active in restructuring GP.Bank, as well as assuring the security and stability of the nation's banking sector.

This year, the SBV also acquired Viet Nam Construction Bank and Ocean Bank due to violations of having a lack of required capital.

(Source: VNA)