The Ho Chi Minh City branch of BNP Paribas has signed a cash management service agreement with Vietnam’s Orient Commercial Bank (OCB). OCB is the second Vietnamese bank to announce its partnership with BNP Paribas this year, the first being Sacombank which signed a cash management service agreement with the French bank in mid-March this year.
Under the service agreement, BNP will be able to offer cash management services to its local and multinational corporation (MNC) clients through OCB’s branch network in the country.
“This is a new step in a strategic partnership with OCB which will allow us to expand our cash management offerings in Vietnam through its extensive branch network and local capabilities,” said Pierre Veyres, global head of transaction banking at BNP Paribas, in a statement. “It is consistent with our strategy to offer cash management services particularly to our MNC customers across Asia-Pacific, and they will now be able to make use of our partner bank’s network for collection services.”
BNP Paribas has been a strategic partner of OCB since 2007 and the French bank’s cash management services are offered through OCB’s domestic network of 82 points of sale in the country. OCB aims to expand its network to 250 sites by 2015.
“In addition to existing partnerships we have with other banks, this new synergy will further strengthen our network coverage and allow us to offer a more complete suite of cash management products and services to our customers via OCB which has a strong footprint in the southern provinces of Vietnam,” said Luc Cardyn, country head at BNP Paribas for Vietnam, in a statement.
