Asia Commercial Bank
Asia Commercial Bank
TypeJoint-stock company
ACB
IndustryFinancial services
Founded19 May 1993
Headquarters
Ho Chi Minh City
,
Vietnam
Number of locations
346 branches
Area served
47 provinces and cities
ServicesBanking
Number of employees
10,000
SubsidiariesACB Securities, ACB Leasing, ACB Real Estate
Websitehttps://www.acb.com.vn/
A branch of Asia Commercial Bank in Da Lat

Asia Commercial Bank, often abbreviated to ACB, is the largest private bank in Vietnam by assets, headquartered at 442 Nguyễn Thị Minh Khai, Ward 5, District 3, Ho Chi Minh City. It was registered on 19 May 1993 and began operations in June 1993.[1] The bank trades at the Ho Chi Minh Stock Exchange under the symbol ACB, where it listed on December 9, 2020 after previously trading at the Hanoi Stock Exchange.[2]

Main services

  • Raising capital (receiving deposits from customers) in VND, foreign currencies and gold.
  • Using capital (providing credit, investment, joint venture capital) in VND, foreign currency and gold.
  • Intermediary services (local/international public and quick money transfers, life insurance).
  • Trading foreign currency and gold.
  • Issuance and payment of credit and debit cards.

Controversies

According to PetroTimes, on August 22, 2012, Lý Xuân Hải - General Director of ACB - was ordered to be detained for 4 months by the Supreme People's Procuracy. Hải was prosecuted and taken into custody to investigate acts of intentionally violating State regulations on economic management.[3] Tuổi Trẻ Online confirmed this the next day.[4] On the same day, it was reported by VnExpress that ACB's Board of Directors had approved Hải's resignation letter for personal reasons, and appointed Đỗ Minh Toàn as General Director since August 23.[5] As revealed by Toàn, customers withdrew 5 billion VND (240 million USD) from the bank on Wednesday, August 22.[6]

On September 19, 2012, ACB announced their approval of resignation by Chairman Trần Xuân Giá and 2 Vice Chairmen, Lê Vũ Kỳ and Trịnh Kim Quang, due to their involvement in Hải's case.[7] On the same day, Eximbank's management approved Phạm Trung Cang's resignation from the position of Vice Chairman. Trương Văn Phước - Eximbank's General Director - said that Cang resigned because he needed time to explain his responsibilities during his previous working time at ACB.[8]

On September 27, the Ministry of Public Security informed that the four defendants - Trần Xuân Giá, Lê Vũ Kỳ, Trịnh Kim Quang, and Phạm Trung Cang - had been prosecuted, and were currently forbidden to leave their residence. Those previous managers of ACB were accused of having issued a policy of entrusting employees to use ACB's capital in contravention of regulations, causing serious consequences. They were accomplices with the two people arrested earlier, former general director Lý Xuân Hải and former vice chairman Nguyễn Đức Kiên.[9] The investigating agency assessed that their actions were contrary to the provisions of Article 106 of the Law on Credit Institutions and the guiding circular of the State Bank - and has caused loss of hundreds of billions of VND.[10]

See also

References

  1. ↑ "About ACB".
  2. ↑ "ACB Milestones". Vietstock. Archived from the original on 2013-11-12.
  3. ↑ PetroTimes: "Khởi tố, bắt tạm giam Tổng Giám đốc Ngân hàng ACB" 22/8/2012
  4. ↑ Bắt nguyên Tổng giám đốc NH ACB Lý Xuân Hải 23/8/2012
  5. ↑ Ông Lý Xuân Hải từ nhiệm Tổng giám đốc ACB 23/8/2012
  6. ↑ Fallout Continues at Vietnamese Bank NEIL GOUGH 24/8/2012
  7. ↑ Chủ tịch ACB Trần Xuân Giá từ nhiệm vnExpress 19.09.2012
  8. ↑ Từng liên quan tới ACB, Phó chủ tịch Eximbank từ chức vnExpress 20.09.2012
  9. ↑ "Cựu chủ tịch ACB Trần Xuân Giá bị khởi tố". VnExpress. Retrieved 27 September 2012.
  10. ↑ "Ông Trần Xuân Giá: 'Tôi có bảo bối để bảo vệ mình'". CafeBiz. Archived from the original on 2012-09-30. Retrieved 28 September 2012.
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