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ACB raises charter capital to 5.8 trillion VND
The Asia Commercial Bank (ACB) has received permission to raise its charter capital to over 5.8 trillion VND (341.4 million USD) from 2.63 trillion VND (154.7 million USD).
With the move, ACB has become the second largest commercial joint stock bank in Vietnam in term of charter capital after the Bank for Foreign Trade of Vietnam (VCB).
ACB has been a leading joint stock bank for many consecutive years as it applies flexible interest rates and offers a multiplicity of services, while constantly expanding its distribution network.
ACB mobilised 90.34 trillion VND (5.31 billion USD) in deposits in the first six months of this year, a year on-year increase of 33 percent, despite the great fluctuations in the economy. Its total lending was 41.9 trillion (2.46 billion USD), a year-on-year increase of 30 percent, and its profit stood at 1 trillion VND (58.8 million USD).
ACB’s “safe lending” policy has helped the bank win trust from customers. The bank’s overdue debt was only 0.4 percent and bad debt rate kept under 0.1 percent. Its capital adequacy ratio was 14 percent against the 8 percent ratio required by the State Bank of Vietnam .
The impressive performance has won ACB the “Best Bank in Vietnam 2008” award by Euromoney, the world’s leading financial magazine.
This is the third time the ACB has received such an award with the first in 1997 and the second in 2006.
Besides, the bank also leads the Top 10 of “Best Commercial Bank in Vietnam” selected by Sai Gon Tiep Thi (Sai Gon Marketing) after a survey of customers on 30 Vietnamese commercial banks and financial services in 2007 and the first quarter of 2008.
The British Standard Chartered Bank has decided to increase its stake in Asia Commercial Bank (ACB) to 15 percent from 8.84 percent
VNA
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