The State Bank of Vietnam is considering the proposed acquisition. The Thai company and state-owned Vietnam Bank for Agriculture and Rural Development, as Agribank is formally known, began negotiations in mid-2016 when ALC was suffering severe losses and trying to restructure. According to a memorandum of understanding signed by the two parties in September 2017, Srisawad agreed to pay VND523 billion ($22.5 million) for fully acquiring ALC I. The parties appointed an auditor to value the company. The final transaction value may be adjusted once the results are out. The Thai finance provider had made an earlier bid in 2017 but was found ineligible under Vietnamese law for failing to meet a $10 billion minimum capital requirement at that time. In September 2018 Agribank submitted the proposal to the SBV. As of December 31, 2017, ALC I has accumulated losses of VND714 billion ($36.7 million). It has liabilities of VND394 billion ($16.94 million). Though it has negotiated with its creditors to restructure the debts, auditors have declared doubts over the company’s ability to continue operating. In September 2018 another of Agribank’s wholly owned financial subsidiaries, ALC II, had filed for bankruptcy and ceased operations. Srisawad Corporation Public Company Limited provides financial services in Thailand. It offers hire purchase and loan and non-performing assets management, invests in other companies, provides management and consulting services for retail credit systems in local and foreign countries and other services.