The DongA Joint Stock Commercial Bank (DongA Bank) has been placed under special supervision by the State Bank of Viet Nam (SBV), whereas many of its leaders will be dismissed, the country’s central bank recently said.

DongA Bank has been found violating many regulations on financial management, credit granting and other businesses, which already caused serious consequences, the SBV said in an announcement of the results of its comprehensive inspection of the lender’s operations from the year 2012 backward.

DongA Bank CEO Tran Phuong Binh delivers a speech at the bank's shareholder meeting in Ho Chi Minh City on July 21, 2015. Tuoi Tre

The central bank has thus decided to put DongA Bank under special supervision, and will suspend and remove many of its executives from their posts.

Those involved in the alleged wrongdoings at the bank will also be strictly penalised, according to the SBV.

The BIDV is still controlled by the state.

The central bank also guaranteed that it will enact necessary measures to ensure that DongA Bank will remain operational safely and protect the rights and interests of its depositors.

 (Source: tuoitrenews)