Procurators recommended maintaining the death sentence for Truong My Lan, former Chairwoman of Van Thinh Phat Group, for involving in an embezzlement case at Saigon Commercial Bank (SCB) at the appellate trial in Ho Chi Minh City on November 15.

Truong My Lan, Chairwoman of property developer Van Thinh Phat Group, on April 26 filed an appeal against the entire first-instance verdict in the case that occurred at Van Thinh Phat Group JSC, Saigon Commercial Bank (SCB) and relevant companies, units and organisations.

Truong My Lan, Chairwoman of property developer Van Thinh Phat Group, was sentenced to death at the first-instance trial in Ho Chi Minh City on April 11.

Deposits at all banks, including the Saigon Commercial Bank (SCB), are guaranteed by the State in all cases, Governor of the State Bank of Vietnam (SBV) Nguyen Thi Hong affirmed on October 10 when talking to the media regarding recent issues related to the SCB.

Several local banks have reduced their interest rates in recent days, going against the banking sector’s general year-end trend of increasing rates to boost earnings.

Despite the current increasing foreign investment inflows, merged and acquired banks will consider selling stakes to foreign investors after completing the restructuring to up the attractiveness of sales, bank officials said.

The Saigon Commercial Bank (SCB) was named among the nine largest private enterprises and 44 leading businesses of Vietnam, announced the Vietnam Report and Vietnamnet online newpaper in Hanoi.

Vietnam’s lenders are gathering speed, posting the second-highest growth by country in this year’s ranking of the top 100 banks in the Association of Southeast Asian Nations (ASEAN).