Ocean Commercial Joint-stock Bank – OCEANBANK

Ocean Commercial Joint-stock Bank – OCEANBANK

OCEANBANK (formerly Hai Hung Rural Commercial Joint-stock Bank – Hacombank) was established and organized under Decision No.257/QD-NH5 on October 30^th, 1993 and began operating under Operation License No.0048/NH-GP on December 30^th ,1993 issued by the Governor of the State Bank of Vietnam (SBV). This is the first joint-stock bank in the former Hai Hung (presently Hai Duong) Province.

Throughout the last 10 years, the Bank has partnered with other local businesses to mobilize capital to restructure and develop the local economy. The Bank has turned the flexibility and self-reliance of the joint-stock model into advantage. At the same time, it has applied appropriate measures to mark a milestone in the year 2006 – the year of international economic integration. All the important figures exceeded the targets set by the last Shareholders’ Meeting. The total asset at the end of 2006 reached 1,001 billion VND, marking 600 % increase in comparison with the early 2006 projections. Deposits from economic institutions were 556 billion VND. Total outstanding loans were 663 billion VND – another increase of 600 % over the early 2006 projections. Credit quality has been improved so considerably that overdue loans accounted for only 0.62 % of the total loans. In order to boost our financial capacity, OCEANBANK increased our chartered capital from 17.2 billion to 170 billion VND in 2006. As of early 2007, this amount has reached 200 billion VND. As a result, OCEANBANK was allowed to convert its operating structure into an urban bank and expand its branches nationwide.

Going to the sea with OCEANBANK

Despite being quite a young urban bank, OCEANBANK has developed a strong infrastructure including:

Technology: Right after its operational structure transformation, OCEANBANK began investing in state-of-the-art software, which complies to the international banking standards.

Human resource: OCEANBANK’s senior management team consists of members with PhDs, MAs and BAs who have several years of combined experience in the field of domestic and foreign banking. Moreover, the Bank is supported by the most qualified staff allocated in every department.

Regulation and management: OCEANBANK has conformed to all regulations stipulated by the SBV to ensure safe and effective operations.

Branch Expansion: OCEANBANK Hanoi Branch has been opened and in operation since January 25^th, 2007. In addition, the Bank also intends to set up branches in Hochiminh City, Da Nang, and Vung Tau, as well as 50 transactional offices throughout the country by early April 2007.

Chartered capital, stocks and coupons: Chartered capital is to reach 1,000 billion VND in the late 2007 by issuing coupons to existing shareholders, selling stocks to the public and partnering with strategic customers and investors.

OCEANBANK is currently negotiating with strategic partners consisting of business consortiums and foreign banks in order to become a world-class modern bank with the expected capital of 3,000 – 5,000 billion VND, and total asset of 20,000 billion VND by year end 2009.