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Banking & Finance

OCB & Daegu Bank sign cooperation agreement

Released at: 17:22, 19/07/2017 BUSINESS SPOTLIGHT

OCB & Daegu Bank sign cooperation agreement

Photo: OCB

Two to work together in international payments, services to SMEs, and training exchange programs under agreement signed on July 17.

by Quang Huy

The Orient Commercial Bank (OCB) signed a comprehensive cooperation agreement on July 17 with South Korea’s Daegu Bank regarding international payments, services to small and medium-sized enterprises (SMEs), and training exchange programs.

Currently in a period of transformation and development, OCB aims to become a universal bank and the leader in retail and SME banking services in Vietnam under a broad strategy, including technology modernization, human resources development, and transforming its branches to strengthen strategic cooperation with partners to bring benefits to all.

The signing of the agreement marks a milestone in OCB’s development roadmap in foreign markets, enhancing its competitiveness in both domestic and international markets.

Photo: OCB

“OCB has expanded trading activities with foreign partners and customers since 2015,” CEO Mr. Nguyen Dinh Tung told the signing ceremony. “After establishing our own foreign direct investment (FDI) banking and South Korean counterpart division, together with the OCB International Money Transfer Company, we will continue to reach out to the international market by cooperating with foreign partners. We believe that Daegu Bank’s strong financial strength will accompany OCB in various aspects, such as international money transfer, product development, SME services, training exchange programs on risk management, information technology, and product development in South Korea.”

Daegu Bank also pledged to provide the best companion programs to facilitate OCB’s further development among the South Korean business community in Vietnam and to share experience so it will hold a 50 per cent market share in SME services in the country.

“The signing ceremony between OCB and Daegu Bank takes place during the 50th anniversary of Daegu Bank, the 25th anniversary of the two countries establishing diplomatic relations, and five years after the signing of the free trade agreement (FTA) between the two countries,” Mr. Lim Hwan Oh, Senior Executive Vice President at Daegu Bank, said, adding that the development of South Korean enterprises in Vietnam will continue to create more opportunities for both sides to maintain their strengths and bolster their cooperation.

Established in 1967, Daegu Bank has provided the best financial service to local residents and become a foundation in regional development. Its main business lines consist of deposits, loans, foreign exchange, the sale of financial products (funds, bancassurance), asset management services, and internet banking.

Not only an excellent regional bank in practicing sustainable management, Daegu Bank also excels in ethics. The bank also values management with stockholders and communications management with employees.

Established in 1996, OCB has more than 115 branches nationwide and is present in all major cities and economic zones in the country. Its 2016 profit ranked 15th among Vietnam’s commercial banks while its profit margin was among the Top 10.

With human resources of more than 5,000, high technology, and a trusted brand, OCB’s annual growth rate in the last five years has been double the industry average. It has sound risk management, high asset quality, and one of the lowest non-performing loan (NPL) ratios.

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