International Finance

Maritime Bank pioneered modern technology in Vietnam

Maritime Bank pioneered modern technology in Vietnam
Performance over 25 years has validated the potential of the joint stock bank model

Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank) was established on July 12, 1991 in the northern port city of Haiphong. In 2005, the bank relocated its headquarters to Hanoi and began a new era of development, significantly expanding its operation. 2016 marked the 25th year of continuous growth, and Maritime Bank has become one of the prestigious banking brands in Vietnam with its sustainable development strategy.

As the first public-owned commercial joint stock bank established in Vietnam, the bank was born when the model was still novel and its viability was under question. However, with the pioneering and innovative spirit of the bank’s founders and the enthusiasm of its staff, Maritime Bank has proven the enormous potential of the joint stock bank model and produced remarkable results.

Incessantly expanding in scale
Starting as a young private bank with 24 shareholders, chartered capital of VND40 billion, and a handful of branches in big cities and provinces of Haiphong, Hanoi, Quang Ninh, and Ho Chi Minh City, Maritime Bank has grown both in terms of scale and financial capacity into a financial organisation with chartered capital of VND11.75 trillion, 294 times the initial chartered capital; a network of nearly 300 branches and transaction offices, and 500 ATMs nationwide; serving 1.5 million trusting individuals, 35,000 companies and 2,000 big corporate and financial institutions.

Committed investment in technology

Right after its establishment, Maritime Bank sent ripples through the Vietnamese banking sector by pioneering the use of modern technology. It was the first commercial bank to be licenced to provide international transactions and build Core Banking that uses a centralised database in Vietnam — the model soon followed by most banks in Vietnam.

Additionally, Maritime Bank was the first to use LAN and WAN to speed up money transfers, cutting the time from a few weeks to within a few minutes. Not stopping there, over the past quarter century of development, the bank has been continuously investing in upgrading its base technology system to meet the evolving requirements of a modern bank to better serve customers.

Focus on quality of products and services
The bank aims to bring the best experience to its customers and partners when using its products and services. Besides continuously upgrading the base technology system, Maritime Bank regularly launches new products and services to increase its added value. For individual customers, Maritime Bank positions itself as their families’ bank by coming up with customer-centric products and services that not only provides benefits to our customers but also their families and friends. For corporates, Maritime Bank positions itself as a bank for their supply chain, providing the full suite of banking and financial services for our customers and their business partners to optimise their business efficiency.

Attention to risk management
As one of the 10 banks chosen by the State Bank of Vietnam (SBV) to pioneer the implementation of Basel II banking framework, Maritime Bank set up a steering committee consisting of high-level members of the Board of Directors and Executive Committee, and established the Basel II Centre and a specialised risk tool model to successfully carry out the project. Currently, the bank is maintaining a strong capital adequacy ratio (CAR), well above the requirements of SBV. Thanks to this strong foundation, the bank has been able to implement its development strategy successfully.

Maritime Bank’s continuous efforts throughout its operations to contribute to the development of the Vietnamese banking system bring more value-added and better products and services to its customers and partners have resulted in numerous awards from prestigious domestic and international organisations. These include the award for Best Commercial Bank in Vietnam 2016 from International Finance magazine; Leadership in Debit Volume and Effective Card Usage Programme by MasterCard; and the award for Vietnam Domestic Foreign Exchange Bank of the Year 2016 by Asian Banking & Finance.

These achievements are not the result of one person’s effort, but are a culmination of the hard work put in by generations of employees. With a strong foundation, a clear strategy, the guidance of an experienced and enthusiastic leadership board, the dedication of active and professional employees, and the trust and support of customers, partners, shareholders, and investors, the bank expects to overcome the challenges ahead and show bigger achievements in the years to come.

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