OceanBank to restructure

Ocean Commercial Joint Stock Bank (OceanBank) will carry out internal restructuring in the near future, the bank’s deputy general director, Nguyen Van Hoan, said.

“Restructuring plan will be announced in the near future, but there will be no merger” said Hoan.

Earlier, at the annual general meeting (AGM) 2012, OceanBank agreed a plan to hike chartered capital from four trillion dong to five trillion dong and had the first foreign strategic shareholder namely UK-based Hermes Capital.

If the negotiation is successful, Hermes Capital will hold 15 percent stake in the local bank.

Not long ago, the State Bank of Vietnam (SBV) gave the nod allowing OceanBank to raise its credit growth quota in 2012 to maximum 27 percent from the level of 17 percent set in early this year. As of July 31, the lender’s credit growth was 16.7%.

Hoan revealed since the central bank asked commercial banks to reduce the lending interest rate for old loans to 15 percent per year, so far, the total loans at the interest rate of less than 15 percent at OceanBank accounted for about 40 percent of the bank’s total loans and property loans made up 16 percent of the bank’s total loans.

Earlier, after DOJI became strategic shareholder of Tien Phong Commercial Joint Stock Bank (TienPhongBank), this bank also made restructuring and was engaged in business sectors such as gold bar, jewellery, services and real estate.

In 2012, OceanBank targets pre tax profit of 750 billion dong, rising 15 percent from 2011 and overdue debt ratio at less than 3 percent together with dividend at 10%.

In the bank’s current chartered capital structure (four trillion dong), Vietnam National Oil and Gas Group (PetroVietnam-PVN) holds a 20 percent stake, Ocean Group JSC (Ocean Group) with 20%, VNT Ltd Co with 20%, Song DA Construction and Investment JSC with 11.54 percent and other shareholders with 28.46%.

 

 

Category: Finance