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VAMC will buy Agribank's bad debts. — File Photo
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HA NOI (Biz Hub) — The Vietnam Asset Management Company (VAMC) has decided to issue its second batch of special bonds to help handle bad debts for several banks, the State Bank announced on October 18.
The bank said the bonds, worth of VND3,070 billion (US$146.1 million) with five-year maturity from October 22, 2013 to October 22, 2018 and a zero per cent interest rate, are sold for its three clients, namely Sai Gon Commercial Bank (SCB), Southern Bank, and Agribank.
Of the total, SCB will buy nearly VND1,191.7 billion; Southern Bank, over VND154.5 billion; and Agribank, approximately VND1,723.8 billion.
On October 14, VAMC had already issued bonds worth of VND792.6 billion for SCB, Sai Gon Hanoi Bank (SHB) and Petroleum Bank (PGBank). — VNA/VNS