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WHOLESALE BANKING | Cesar Tordesillas, Vietnam

Ocean Bank to collaborate with UK partner

Ocean Bank revealed a plan to form a partnership with the UK’s Hermes Capital to help better its operations.

If the two sides come to an agreement, Hermes Capital, an Asia-oriented investment banking and management firm, will hold a 15% stake in the lender. The enterprise will also help the local bank in raising management capacity, renovating its brand and improving product quality.

Shareholders at the meeting also agreed to spur chartered capital of Ocean Bank to VND5 trillion from the current VND4 trillion within this year. The lender also targets to obtain VND750 billion in pre-tax profits, keep the ratio of overdue debts under 3% and pay dividend for shareholders at 10%.

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