Asia Commercial Bank, often abbreviated to ACB, is the largest private

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

Vietnam Vietnam or Viet Nam ( vi, Việt Nam, ), officially the Socialist Republic of Vietnam,., group="n" is a country in Southeast Asia, at the eastern edge of mainland Southeast Asia, with an area of and population of 96 million, making i ...

asset In financial accountancy, financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value ...

s, headquartered at 442 Nguyễn Thị Minh Khai, Ward 5, District 3,

Ho Chi Minh City , population_density_km2 = 4,292 , population_density_metro_km2 = 697.2 , population_demonym = Saigonese , blank_name = GRP (Nominal) , blank_info = 2019 , blank1_name = – Total , blank1_ ...

. It was registered on 19 May 1993 and began operations in June 1993. The bank trades at the

Ho Chi Minh Stock Exchange Ho Chi Minh Stock Exchange (HOSE), formerly known as HCM Securities Trading Center, is a stock exchange in Ho Chi Minh City, Vietnam. It was established in 1998 under Decision No. 127/1998/QD-TTg of the Prime Minister of Vietnam. HCM Securities ...

under the symbol ''ACB,'' where it listed on December 9, 2020 after previously trading at the

Hanoi Stock Exchange Hanoi Stock Exchange (HNX), formerly the Hanoi Securities Trading Center (Hanoi STC) until 2009, is located in Hanoi, Vietnam, and was launched in March 2005. It handles auctions and trading of stocks and bonds. It was the second securities tradin ...

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.

Tuổi Trẻ ''Tuổi Trẻ'' ("Youth", ) is a major daily newspaper in Vietnam, publishing in Vietnamese from Hồ Chí Minh City. It was originally a publication of the Hồ Chí Minh Communist Youth Union (Vietnamese: ''Đoàn Thanh niên Cộng sản Hồ ...

Online confirmed this the next day. On the same day, it was reported by

VnExpress ''VnExpress'' is a Vietnamese online newspaper, run by FPT Group. It was the first newspaper in Vietnam that was not produced in paper format.

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. As revealed by Toàn, customers withdrew 5 billion VND (240 million USD) from the bank on Wednesday, August 22. 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. 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. 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 Nguyễn Đức Kiên (born 1964) is a Vietnamese businessman and owner and chairman of the Hanoi ACB football club. In addition he is deputy chairman of the Vietnam Professional Football company (VPF) that now oversees Vietnam’s V-League and F ...

. 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.

References

External links

* (Vietnamese) * (English)
Asia Commercial Bank's page at Hanoi Securities Trading Center

Banks of Vietnam Companies listed on the Hanoi Stock Exchange Banks established in 1993 Companies based in Ho Chi Minh City Vietnamese companies established in 1993 {{vietnam-company-stub

Main services

Controversies

See also

References

External links