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Vietnam Business » Vietnam Financial News » OceanBank: Positioning up with PetroVietnam

OceanBank: Positioning up with PetroVietnam

Especially in early 2009, the Vietnam National Oil and Gas Group (PetroVietnam) became a strategic shareholder and promised to bring OceanBank to a new high of the banking and financial market. In 2009, OceanBank won many awards for outstanding performances, including the Strong Vietnam Trademark Award and the Oustanding Vietnam Enterprise Award 2009.

Ocean Commercial Joint Stock Bank (OceanBank) is growing to become a leading bank in Vietnam. In 2009, the Vietnam National Oil and Gas Group (PetroVietnam) became a strategic shareholder of OceanBank, marking a turning point in the development of the bank. Vietnam Business Forum Magazine has a talk with Mr Nguyen Xuan Son, General Director of OceanBank, on itsbusiness activities.

Could you reveal remarkable achievements of OceanBank during 17 years of operation?

OceanBank was founded in 1993 but it only became stronger after going public in January 2007. After three years operating in the new form of business, despite numerous difficulties from the global financial crisis, OceanBank still managed to attain impressive achievements. The total assets increased from VND 1 trillion to VND42 trillion as of April 2010. The chartered capital was raised from VND170 billion to VND2 trillion. From a lender with a low return on capital, OceanBank made a net profit of VND300 billion in 2009. At present, the bank has 80 branches and transaction offices across the country, mainly located in key economic zones.

Based on modern technology and infrastructure; young, talented professional and wholehearted staffs and a modern governance model, OceanBank is confident to realise the goal of becoming a Top 10 lender in Vietnam.

Why did the largest economic groupin Vietnam, PetroVietnam, choose to become a partner of OceanBank?

The development strategy of the Vietnam National Oil and Gas Group (PetroVietnam) is built on three main foundations related to the oil and gas sector, namely Industry -Trade - Finance. These activities generate direct revenues and indirect incomes (services) for the group. The selection of a strategic lender was started in PetroVietnam development strategy in the 2010-2015 period and vision to 2025 approved by the Government.

With OceanBank, PetroVietnam will have a professional financial partner and a supplier of capital for key projects.

Apart from the goal of maximising profitability, with a reliable financial partner, PetroVietnam also expects to help OceanBank to become a dynamic, reputed and prestigious commercial lender.

Which message would you like to deliver to domestic and international partners and investors?

The relationship between banks and enterprises is mutually supportive. It is compared to two valves of an economy which, if operated properly, will create the sustainable development. However, each industry has its own characteristics. Actually, oil and energy are the economic leverage of any country. The oil and gas industry is the largest contributor to the countrys GDP. However, this industry requires huge amount of investment capital and all companies in this industry want to have a powerful partners. With an effort to become a lender for the oil industry and other industries, OceanBank pledges to go with its partners and advices its partners to choose best financial services for each investment decision.

What are the strategies of Oceanbank in the coming period?

Shareholders and the board of directors of the bank have been determined to increase the chartered capital VND5 trillion in 2010. This is another step for OceanBank to climb to a new high and to become a leading lender in Vietnam. Firstly, the bank needs to raise the capital to expand, strengthen and diversify banking products and services. Next, the bank will position its brand and image to confirm the position on the financial and monetary markets; improve service quality and standardise the quality to professionalise its operations. OceanBank will develop its human resource by training and recruiting high-ranking personnel and building a civilised, united and dynamic environment and culture. It will work with international consultants to build the business strategy, management structure and modern banking system to pursue strong and sustainable development.

The economy in 2010 is predicted to be till potentially tough. How has OceanBank prepared for that?

We can still take opportunities in the challenging period. It is important to grasp opportunities and develop on our capacity. We always consistently raise our internal resources, perfect our products and services on par with those of leading lenders in Vietnam, and enhance technology, risk management, business strategy, organisational structure, business administration to become a top leading in Vietnam.

I believe that, with our prepared foundations, we will make use of favourable conditions to overcome their challenges and risks to step forward on the development road.

Vietnam Business And Financial News Network. Source [vccinews.com]

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