BNP Paribas to Raise Stake in OCB to 20 Percent by 2010

French BNP Paribas Bank (BNPP) has recently signed a memorandum of understanding (MoU) with Orient Commercial Joint Stock Bank (OCB) to increase its holding in the local bank to 20 percent stake by 2010 after getting permission from the State Bank of Vietnam (SBV) and Vietnamese government.

 

The signing ceremony was held under the witness of Deputy Prime Minister Nguyen Sinh Hung and French Prime Minister Francois Fillon within the framework of Vietnamese-French CEO Forum co-held by French Ambassador in coordination with the Vietnam Chamber of Commerce and Industry (VCCI) in Hanoi.

 

Since December 31, 2007, BNPP has become OCB's strategic shareholder with 10 percent stake and the two partners signed an agreement on August 26 to increase the holding to 15 percent stake.

 

The two sides will carry out projects, including restructuring OCB, enhancing risk management and IT application to modernise the banking system.