The Bank for Investment and Development of Viet Nam (BIDV) affirmed all of its operations were stable, safe and effective while the legal and legitimate rights of customers and shareholders were being ensured following the arrest of former chairman Tran Bac Ha.

The Investigation Police Agency under Viet Nam’s Ministry of Public Security on Thursday began criminal proceedings against Ha for “violating regulations on banking operations and other banking-related activities”. Also under investigation were Tran Luc Lang, former senior executive vice president of BIDV, Kieu Dinh Hoa, former head of BIDV Ha Tinh, and Le Thi Van Anh, former head of BIDV Ha Tinh’s corporate division.

As the largest commercial bank in Viet Nam by assets, BIDV said it maintained its business continuity, stability and development without being affected by the above-mentioned case.

BIDV is a primarily State-owned commercial bank with the longest history in Viet Nam.

By the end of this month, BIDV had basically completed its business targets set for 2018 by shareholders.

Its total assets reached VND1.255 trillion; outstanding loans increased by 13.5 per cent, non-performing loans (NPLs) were controlled at a low level of under 1.6 per cent; and profit growth hit 18 per cent. Safety indications were ensured in accordance with the law and international practices. International ratings firm Moody’s recently upgraded BIDV’s baseline credit assessment from B3 to B2.

The bank committed to improving the quality of its services and applying modern banking technology to better meet the needs of customers, it said.

Earlier, the State Bank of Viet Nam said in a statement the violations were found several years ago.

"All BIDV operations are normal with stable liquidity and all benefits of customers and depositors are ensured," the central bank said.

It added the SBV had instructed BIDV to take measures to resolve and collect debts for the bank according to laws and regulations. — VNS