Although the technical glitch has since been repaired, the bank says that most of the individuals who used the problem to cheat the banks have only ended up cheating themselves. VietNamNet Bridge – State owned economic groups have been requested to withdraw all their investment capital from banks. Of the three shareholders who have to withdraw capital from Ocean Bank, PetroVietnam is a special shareholder, because it has been well-known as the state owned enterprise which injected big sums of capital in the finance and banking sector.
The noteworthy thing is that all the three commercial banks where PetroVietnam invests in, are subject to the restructuring or have big changes in the ownership structure. Phung Dinh Thuc, President of PetroVietnam, at the press conference on October 8, stated that PetroVietnam would withdraw all of its capital from Ocean Bank by 2015. As such, PetroVietnam would have to withdraw a big amount of capital from the two credit institutions, while it does not have much time to do that. Meanwhile, the question raised for OceanBank is who would replace PetroVietnam as the shareholder of the bank. Analysts have doubts about if the capital withdrawal by PetroVietnam would be carried out in a transparent way.
In case of GP Bank, after PetroVietnam and GP Bank signed the agreement on capital contribution and strategic cooperation in 2006, the bank stated that PetroVietnam contributes 20 percent of the total chartered capital of GP Bank. However, the 2010 annual report of GP Bank said that the biggest shareholder of the bank at that moment was the FPT investment fund management company, which then held 5.84 percent of stakes. As such, it’s unclear how PetroVietnam withdrew its capital in the last few years, and how high its current ownership ratio in GP Bank. A lot of state owned economic groups are still holding big proportions of stakes in commercial banks, though they were told to quit the banks two years ago already. Vinatex, a textile and garment group, is still a shareholder of Nam Viet Bank, while Vinacomin (coal group) and VRG (rubber group) are the shareholders of SHB. According to the National Assembly’s Economics Committee, nearly 40 state owned and private enterprises are holding 5 percent of stakes in joint stock banks, while they are also the owners of finance investment companies.
VInacomin planned to complete the capital withdrawal from insurance, securities sectors and from the BIDV expressway development company within 2012, while it would leave the finance and banking sector and other business fields in 2013-2014. However, the withdrawal from SHB-Vinacomin insurance company has not been completed since the share auction could only attract one investor. Now, the alarming trend continues, as one of the top banks in Russia announces that no one can withdraw cash until the end of next week.
Lender has introduced complete ban on cash withdrawals until end of week, news agency reports, citing unidentified person in call center.
The national oil and gas conglomerate now holds 20 percent of Ocean Bank’s stakes, 78 percent of stakes in PVFC and contributes capital to GP Bank as well. EVN, the powerful electricity group, is a shareholder of An Binh Bank, and Bao Viet Group, a finance group, owns Bao Viet Bank.
If you must use a financial institution, limit the amount of money you keep in your bank accounts, and remember, if you don’t hold it physically, you don’t own it.
However, the capital withdrawal from PVFC would be carried out only if PVFC can convert into a commercial bank.
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