The move came following VNCB’s extraordinary meeting of shareholders on January 31 which did not approve the scheme to increase its charter capital.
The central bank said Vietcombank will participate in the management of the southern Long An province-based bank, which will make it easier for VNCB to implement its restructuring plan and develop its business plan in a controlled and more efficient way.
The acquisition is also meant to ensure the legitimate rights and interests of depositors at VNCB, the bank said in a statement.
This is the first time that the State Bank of Vietnam has participated in the restructuring of a commercial bank by buying its shares, an action stipulated in a decision issued by the prime minister in 2013.
The acquired bank will be merged with another credit institution or sold to eligible investors in the near future when it is applicable.
Formerly known as Trustbank, VNCB was founded in 1989 in the Mekong Delta province of Long An and acquired its current name in 2013 after Thien Thanh Corporation became a large shareholder of the bank.