OceanBank taken over by MB in 'mandatory transfer'

Military Commercial Joint Stock Bank (MB) has officially taken over Ocean Commercial Bank Limited (OceanBank) as its new member.

The State Bank of Vietnam (SBV), the country's central bank, called the transfer "mandatory" as it was a must for ailing OceanBank and an assignment for MB.

The move is an important milestone for MB on the eve of its 30th anniversary that will bring about opportunities to expand operations and deploy new business models for the duo, while ensuring system safety and OceanBank customers’ benefits and contributing to macroeconomic stability.

MB has new member

Given the Party's rational policy and the Government’s determination, the Prime Minister, ministries, agencies, the SBV, MB and OceanBank have closely coordinated to deploy the transfer carefully, strictly ensuring conditions, order and procedures fully comply with legal regulations.

After the transfer, legal rights of depositors and customers at OceanBank are guaranteed per the provisions of law. OceanBank's service activities are guaranteed to be smooth and continuous. The process of transferring OceanBank to MB has been successful, MB said in a release.

MB will prioritize resources, including capital sources, technology and human resources, to support its new member.

OceanBank will continue to promote effective and sustainable business activities, increase its technological and financial capacities, and actively contribute to the overall development of the economy.

The MB board of directors has appointed Le Xuan Vu, a member of the bank's executive board, as its representative to take on the position of standing deputy general director of OceanBank.

Vu has nearly 30 years of experience and many years of holding senior management positions at prestigious credit institutions, especially in the field of banking transformation and modernization.

He is expected to strengthen the management and governance capacity of OceanBank in the coming time.

Group synergies a growth driver for MB

The reception of OceanBank on the eve of its 30th anniversary marks an important transformation for MB as MB Group has developed into an ecosystem including three banks MB, MBCambodia and OceanBank and six member companies MBS, MBCapital, MIC, MB Ageas, MBAMC and Mcredit. The move will also contribute to expanding the growth space for MB.

“Currently, MB is a financial group with a full range of financial services, from securities, fund management and banking to insurance and consumer finance. Its ecosystem creates the largest and fullest endogenous motivation in the Vietnamese banking and finance industry,” MB leaders stated.

OceanBank will be restructured with a long-term development strategy and professional investment, becoming a sustainable, safe and modern bank in the future, they noted.

Also on Thursday, state-controlled Vietcombank officially acquired CBBank as an assignment by the SBV.