Ocean Bank eyed by many investors
Ocean Bank eyed by many investors
Who will buy Ocean Bank, which has been in a difficult period since late last year? This is a question of intense interest now in the banking sector.
Last October, Van Tham, head of the bank at that time, and Nguyen Van Hoan, deputy CEO, were arrested on suspicion of fraud. And in January 2015, Nguyen Minh Thu, the bank’s CEO, was detained for investigation on suspicions concerning the violations committed by Ha Van Tham.
In recent days, Nguyen Thi Nga, president of SeABank, has been seen at Ocean Bank’s head office, which has triggered a rumor that SeABank is attempting to take over Ocean Bank in the near future.
However, a senior executive of SeABank has denied the merger, saying that SeABank is eyeing banks in the south. If SeABank admits a bank from the north, it would not be able to expand the network in the south.
“We not only aim to increase our capital when admitting another bank, but also the targeted bank’s network and staff,” he said, adding that staff play a very important role in banks’ operations because they bring customers.
“It would not be a wise move if we take over a bank, and cannot take full advantage of its existing network of branches and transaction points, especially if we have to close branches in some areas to open new branches in other localities,” he said.
The senior executive of SeABank revealed that the bank once targeted a finance company, but the merger plan was rejected by the watchdog agency.
Nam A Bank, a small commercial bank, is also believed to be eyeing Ocean Bank. In January 2015, Nam A Bank bought 5.35 million shares of Ocean Group (OGC), the biggest shareholder in Ocean Bank.
However, some sources said that Nam A is preparing to merge with another bank headquartered in HCM City as it initially planned. If so, it may become the first merger and acquisition (M&A) deal in 2015.
Vingroup, a prominent real estate company, which has bought retail chain Oceanmart from OCG, is another big company reportedly attempting to take over Ocean Bank.
In June 2015, the State Bank said it would name the banks that will merge.
Rumor has it that MHB would merge with BIDV (the Bank of Investment and Development), SaigonBank with Vietcombank, and PGBank with VietinBank.
BIDV, Vietcombank and VietinBank are three large banks in which the State holds the controlling stake.
