MB likely to acquire OceanBank in a no-cost deal

March 16, 2022 | 16:15
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MB held a conference on March 15 to present details on the bank's current status, as well as its strategic approach for the future.
MB likely to acquire OceanBank in a no-cost deal

MB is rumoured to be a potential acquirer of Ocean Bank, one of three struggling institutions that, together with GPBank and CBank, are subject to special supervision by the central bank. The expected acquisition is said to be at no cost to MB.

Luu Trung Thai, vice chairman and CEO of MB highlighted that the collaboration with OceanBank could present strategic and commercial advantages for both parties.

Following the government-approved roadmap, MB will engage with OceanBank to examine its data system and provide a proposal for consideration.

MB is likely to be awarded a greater credit limit thanks to the potential deal with OceanBank.

Thai also stressed that the bank has no current plans to offload its ownership of two of its member firms, insurer MIC and securities company MBS.

"We have no plans to sell MIC and MBS, as these businesses are essential to MB's capacity to build a leading financial group," he said.

In 2021, the bank’s credit growth hit 25 per cent and it anticipates a 20 per cent rise this year.

The bank’s consolidated profit for the first quarter is expected to reach around $240 million.

“We estimate that the actual profit in the first two months of this year has closely matched this forecast,” Thai added.

By Luu Huong

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