Vietnam Daily News

BIDV Sends 22 Bank Officials to Help Merged Bank

Written by Dailynews.vn Tuesday, 13 December 2011 16:46

Bank for Investment and Development of Vietnam (BIDV), the country's second-largest state-owned bank, said it has appointed 22 bank officials to help the newly-formed lender from the merger, the local online newspaper Thanh Nien reported.

BIDV's officials participated in all Board of Management, Board of directors and Board of Supervision of the merged bank. BIDV aimed at examining the operational network, ownership structure and perform preliminary evaluation of assets, liabilities and credits of the newly-created bank. BIDV expected to finish its inspection process by December 25, 2011.

Currently, BIDV was assigned to manage the undisclosed government's stake in the newly formed lender and has been supporting liquidity to these three banks, said Tran Bac Ha, chair of BIDV.

Standard & Poor's (S&P) on December 8 downgraded long-term credit rating of BIDV from BB- to B+ and revised the outlook for the state-run lender to "negative". Representative of BIDV, however, reassured the public that the downgrade was only because S&P applied new method to assess creditworthiness.

Source: www.intellasia.net/news/articles/finance/111350564.shtml