Bac A Bank set for IPO by 2020: general director

Bac A Bank plans to make its initial public offering (IPO) during 2016-2020, Thai Huong, the bank's general director, said yesterday at the annual shareholder meeting.

The bank will also try to become one of the leading banks in the sector in business efficiency, information technology and human resources, she said. The shareholders have also approved the bank to establish the Bac A Remittance Company Limited with charter capital of VND77 billion (US$3.4 million).

In 2015, the bank received an after-tax profit of VND359 billion, an increase of one-third from the previous year's figure and its bad debt ratio fell to 0.65 per cent from 2.15 per cetn in 2014.

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