OCB with New Products and Services

Occidental Commercial Bank (OCB) has joined the SWIFT network, opened transaction accounts with six foreign banks, and agents in 161 banks. Shareholders of this joint stock commercial bank include Vietcombank, Savimex, and Ben Thanh Company. As a result, OCB is regarded as a highly prestigious and economically efficient bank.

 

According to the balance sheet of June 30, 2005, the total capital of OCB stood at VND2,981,226 million including VND1,042,880 million of deposits of the State Treasury and other credit organisations, VND1,517,238 million of economic organisation and population, VND252,021 million of capital of credit organisations and others. In the first half of 2005, profit was calculated at VND55,007 and other income at VND21,894 million. Income before tax was VND33,113 million.

 

In recent years, OCB has been selected to participate in Rural Development Fund II sponsored by the World Bank. Accordingly, OCB will provide direct access to borrowers. In particular, OCB has cooperated with Saigon Commercial Bank (Sacombank) on money transfer in Vietnamese currency, completing formalities in all localities within two hours and has developed Internet online providing clients with essential information. It has also signed a contract with international company First Remit on money transfer for overseas Vietnamese and foreign tourists.

 

Mr Vo Van Chau, OCB Director General, said: “With the increasing number of private banks and transactions, the competition is becoming harder. OCB will stand firm providing better quality and service”.