Vietnam lender facing bank run now ‘stable,’ says official

Bloomberg

The operations of Saigon Commercial Bank, which faced days of panicked customers pulling out their savings, are ‘stable’ and some clients are now returning to deposit money, according to Vo Minh Tuan, head of the central bank’s Ho Chi Minh City branch.
“SCB’s situation has become more stable now as the number of people coming in to withdraw money has decreased,” he said by phone. The central bank reaffirmed the lender’s ability to pay depositors.
Hundreds of bank customers rushed to branches to pull money out after police over the weekend announced the detention of Truong My Lan, chairwoman of real estate conglomerate Van Thinh Phat Holdings Group, and other company officials for allegedly obtaining property through fraudulent means.
The conglomerate was believed to have ties to Saigon Commercial Bank, the nation’s fifth-largest commercial bank by deposits and assets.