Vietnam's central bank said on Friday it had continued providing support to Saigon Joint Stock Commercial (STB.HM) Bank (SCB), which it put under special supervision in October 2022 after a run on its deposits.
The central bank placed SCB under its supervision to stem a run on the bank sparked by the October 2022 arrest of real estate tycoon Truong My Lan, who was last week sentenced to death over her role in a $12.5 billion financial fraud case, Vietnam's biggest of its kind.
"SCB has caused difficulties or may be in crisis. Like other central banks, we have to intervene. It's in accordance with our regulations," State Bank of Vietnam (SBV) deputy governor Dao Minh Tu told a press conference, acknowledging the SBV's lending to SCB.
"We continue to have a roadmap to restructure it step-by-step and study possible mechanisms, solutions to help the bank recover," Tu said, adding the bank was stable.
