Military Commercial Joint Stock Bank, commonly referred to as MB Bank, is a Vietnamese commercial joint stock bank, a subsidiary of the Ministry of Defense of Vietnam.[3][4][5]
 | |
| HOSE: MBB[1] | |
| Industry | Financial services |
| Founded | November 4, 1994 |
| Headquarters | No. 18 Le Van Luong Street, Trung Hoa Ward, Cau Giay District, Hanoi |
Area served | Vietnam |
Key people | Lưu Trung Thái Phạm Như Ánh |
| Total assets |  950.000 billion VND[2] (2022) |
Number of employees | 16.136 (2022) |
| Website | www |
History
MB Bank was established on November 4th, 1994, with initial charter capital of 500 billion VND.[6][7] In 2000, MB Bank established Thang Long Securities Company Limited (now Military Commercial Joint Stock Bank Securities Corporation - MBS) and Military Commercial Joint Stock Bank's Debt Management and Asset Exploitation Company (MBAMC).[8][9][10]
In 2003, MB implemented a comprehensive restructuring of its systems and human resources,[11] while in 2004, it became the first bank to issue shares through public auction with a total par value of 20 billion VND.[12]
In 2008, MB Bank underwent organizational restructuring and the military telecommunications group Viettel officially became a strategic shareholder.[13][14] In 2009, MB launched the 247 Customer Service Center and opened its first overseas branch in Laos in 2010.[15][16]
MB successfully listed its shares on the Ho Chi Minh City Stock Exchange (HSX) from November 1st, 2011[17][18] and opened its second overseas branch in Cambodia in the same year.[19][20]
Incident
On January 8, 2020, some individual customers of MB Bank were able to spend beyond their account balance and card limit. A system error allowed them to make payments and withdrawals even if they did not have enough money in their accounts.[21][22][23]
Immediately after detecting the incident, MB blocked the accounts of these customers and requested them to refund the overspent amount.[24][25][26] The bank confirmed that the incident did not affect the operations of MB and the assets of other customers.[27] A representative of MB Bank acknowledged the occurrence of an online transaction error exceeding the limit.[28][29]
