Vietnam Overseas

The State Bank of Vietnam (SBV) on September 5 issued Dispatch No 8139 and 8140/NHNN-CNH approving the Ocean Commercial Joint Stock Bank (Ocean Bank) to supply foreign exchange services.

Ocean Bank (formerly Hai Hung Rural Commercial Joint-stock Bank— Hacombank) that was established and organised under the Decision No 257/QD-NH5 dated on October 30, 1993 and began operation under Operation License No 0048/NH-GP dated on December 30,1993 by the State Bank of Vietnam (SBV)’s governor officially made a migration to urban commercial joint stock bank model according to the Decision No 104/QD-NHNN dated on January 9, 2007.

The bank is allowed to carry out full ranges of a commercial joint stock bank. At the dispatch issued recently, the bank is allowed to launch following foreign exchange services:

-Providing foreign exchange transactions under the prompt transaction method, term and interchange transactions, option rights, future contracts and other foreign exchange transactions under the SBV’s regulations.

-Mobilising capital, providing loans and guarantees in foreign currency under the SBV’s regulations.

-Issuing international cards.

-Supplying domestic and foreign money delivery and payment services and receiving and paying in foreign currency.

-Discounting and rediscounting valuable paper in foreign currency.

-Confiding other credit and economic institutions to be supply agent for some foreign exchange services including foreign exchange service, acceptance and spending service in foreign currency and other services.

-Providing mandate and assets management services in foreign exchange.

-Providing investment bank services in foreign exchange such as buying, selling, merging, guaranteeing and being securities issue agent in foreign currency.

-Providing consultancy services in foreign exchange to customers.

-Launching other foreign exchange services in accordance with the international norm and Vietnam’s law.

Ocean Commercial Joint Stock Bank (OceanBank) yesterday on January 14 reported reaching an agreement of selling its 29% stake worth 400 billion dong among the total chartered capital of two trillion dong to Viet Nam Oil and Gas Group (PetroVietnam).

The official contract will be signed on January 18 on the bank’s 15th anniversary.

With this, PetroVietnam will become the strategic partner of OceanBank.

The bank now covers a network of 57 branches and transaction offices nationwide.

Till date, OceanBank has reported total assets of over 14 trillion dong.

VNStockNews - Ocean Commercial Joint Stock Bank (OceanBank) on February 13 signed a cooperation agreement with Viet Nam Development Bank (VDB) in Hanoi whereby small to medium sized enterprises (SMEs) wanting to borrow loans from Ocean Commercial Joint Stock Bank (OceanBank) will receive a guarantee from VDB.

OceanBank will provide loans to the SMEs (with feasibility projects) under VDB’s guarantee through the credit program “Diem Tua Vang”.

The allowable borrowers of the credit program are SMEs with a maximum chartered capital of 20 billion dong and a workforce of 500 staff at the most, business plans worth at least 100 million dong. However, the projects are not in real estate consulting and business, securities business, and service (excepting transportation, education training and health).

The borrowers must have no overdue debts at other credit and economic institutions.

Nguyen Mai Huong, head of OceanBank’s Credit Support and Guarantee Committee said, the bank’s survey showed that up to 50% of the SMEs could not access bank loans because they could not meet the terms of secured assets.

Also, OceanBank will support the lending rate for business and production companies under the prime minister’s Decision No 131 on the economic stimulus package. (TBKTVN)

VNStockNews - The State Bank of Vietnam’s (SBV) governor on February 20 issued an Official Dispatch No 1143, 1144/NHNN-CNH allowing the Ocean Commercial Joint Stock Bank (OceanBank) to open more branches in Hanoi and the central province of Ba Ria-Vung Tau.

The bank’s Vung Tau branch will be located at No 408 Le Hong Phong St, Thang Tam ward in Vung Tau city and Thang Long branch will be located at No 18 Lang Ha, in Hanoi’s Ba Dinh Dist.

OceanBank must obey regulations on operation network of commercial bank enclosed with the Decision No 13/2008/QD-NHNN dated on last April 29 by the central bank’s governor and inaugurate these branches within six months from being approved.