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Wednesday, June 19, 2024

SCB closes 61 transaction offices

The Saigon Times

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HCMC – Saigon Joint Stock Commercial Bank (SCB) has dissolved 61 transaction offices across the country to date.

SCB shut down the Thu Duc Transaction Office-East Saigon Branch in HCMC on May 20. Prior to this, the SCB Daklak Branch stopped the operation of the Nguyen Tat Thanh Transaction Office, while the SCB Hai Ba Trung Branch closed the Bach Mai Transaction Office.

Since SCB was placed under special supervision by the State Bank of Vietnam, the bank has closed numerous branches nationwide. According to the southern banking association, SCB has since June 2023 ceased operations of 61 branches across various provinces. In HCMC alone, 37 branches have been dissolved.

In addition to narrowing its operations, SCB also offers the lowest savings interest rates on the market, even lower than those offered by state-run commercial banks.

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