Vietnam mounts ‘unprecedented’ rescue bid for bank engulfed in giant fraud and bank run

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HANOI, April 17 (Reuters) – Vietnam has mounted an “unprecedented” rescue of Saigon Joint Stock Commercial Bank (SCB), a lender engulfed in the nation’s biggest financial fraud, according to three bank documents and new official information provided to Reuters by a person with access to the documents.
“Without lending, SCB will collapse,” according to the new information provided to Reuters. “If the lending continues, the national treasury will gradually dry up.”

Reuters is not identifying the source more specifically due to the sensitivity of the matter.
READ MORE:
https://www.reuters.com/business/finance/vietnam-mounts-unprecedented-24-billion-rescue-bank-engulfed-giant-fraud-2024-04-17/

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