17/10/2024

Information Regarding the Transfering of OceanBank to MB

On October 17, 2024, Military Commercial Joint Stock Bank (MB) officially acquired Ocean Commercial One Member Limited Liability Bank (OceanBank), making it a new member of the MB Group. This marks a significant milestone for MB as it approaches its 30th anniversary, presenting opportunities for expansion and the development of new business models for both MB and OceanBank. The acquisition also ensures system safety, protects the interests of OceanBank's customers, and contributes to macroeconomic stability.

MB Welcomes A New Member

In recent months, under the strategic direction of the Party, the decisive actions of the Government, the Prime Minister, relevant ministries, agencies, and the State Bank of Vietnam, MB and OceanBank have closely collaborated to execute the transfer process with meticulous attention to conditions, procedures, and legal compliance.

Mr. Luu Trung Thai – Chairman of the Board of Directors at MB, delivering a speech at the ceremony.

After the transfer, the legitimate rights and interests of depositors and customers at OceanBank will be fully protected in accordance with legal agreements and regulations. OceanBank's service operations will remain uninterrupted and seamless. The process of transfering OceanBank into MB has been successfully completed. MB will prioritize resources from business development, capital, technology, and human resources to support its new member within the group. OceanBank will continue to drive business growth sustainably and efficiently, enhancing its financial and technological capacity and contributing positively to the overall development of the economy.

The Board of Directors at MB has appointed Mr. Le Xuan Vu, a member of MB’s BOM, as MB’s representative and the Acting Vice CEO of OceanBank. Mr. Vu brings nearly 30 years of experience and has held several senior management positions at prestigious financial institutions, particularly in the areas of banking transformation and modernization. With his leadership role at OceanBank, Mr. Vu is expected to strengthen OceanBank’s management and operations in the coming period.

Synergy within the Group – A Growth Engine for MB

The acquisition of OceanBank, which coincides with MB’s 30th anniversary, marks a pivotal transformation for MB as it evolves into a financial group with an ecosystem comprising three banks (MB, MBCambodia, OceanBank) and six subsidiary companies (MBS, MBCapital, MIC, MB Ageas, MBAMC, Mcredit). This development will further expand MB’s growth potential.

MB Group evolves into a financial ecosystem comprising three banks and six subsidiary companies.

According to MB leadership, "MB's ecosystem is now a fully integrated financial group, offering a complete suite of financial services, including securities, asset management, banking, insurance, and consumer finance, creating the largest and most robust internal growth engine in the financial sector."

OceanBank will undergo a restructuring process with a long-term development strategy and a methodical investment approach, aiming to become a modern, secure, and sustainable bank.