Vietnamese lender OceanBank's name changed, leadership reshuffled

OceanBank will have its name changed to Modern Vietnam Commercial Joint Stock Bank (MBV) from December 18, aiming to become "a sustainable, safe and modern bank".

Military Commercial Joint Stock Bank (MB), which officially took over OceanBank as its new member on October 17, announced the move in a release.

The State Bank of Vietnam (SBV), the country’s central bank, had called the transfer of OceanBank to military-run MB as “mandatory” since it was a must for ailing OceanBank and an assignment for MB.

On December 10, MB decided on some appointments for the bank it took over.

Accordingly, Vu Thanh Trung, vice chairman of MB’s board of directors, simultaneously holds the position of board chairman at MBV, while Le Xuan Vu, a member of the executive board of MB was appointed board member and general director of MBV.

Trung has a master’s degree in business administration with 14 years of working at MB. He used to be deputy general director of MBCapital, deputy director of MB's investment division and chief of the bank's CEO Office.

In 2017, Trung became director of MB’s digital banking division. From January 2019, he was also vice chairman of MB Securities (MBS) until April 2023. From August 2020, Trung was a member of MB’s executive board.

At MB’s AGM for the 2024-2029 term, Trung was elected by the board of directors as MB’s vice chairman.

Le Xuan Vu has a master’s degree in business administration. He has nearly 30 years of experience in the finance and banking industry.

In 2017, Vu officially joined MB as a member of the executive board in charge of the individual customer division, the operations division, and many other important activities of the bank.

MB also appointed board members of MBV, including Ha Trong Khiem, deputy general director of MB; Tran Hai Ha, director of MB’s corporate and institutional banking division; Luu Hoai Son, director of MB’s planning and marketing division; and Ngo Anh Tuan, a member of OceanBank’s board of members in the previous term.

MBV's supervisory board has also been strengthened to include five members.