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ACB expands banking network   2008-07-30 - SGGP

The Ho Chi Minh City-based Asia Commercial Bank (ACB) opened two more transaction offices in the city and the central province of Quang Nam on Wednesday, raising its total number of branches and units nationwide to 148.

Transactions conducted at an ACB branch in HCMC (Photo: Tuong Thuy)

In Quang Nam, the new unit is located in Tam Ky City and is the second transaction office of the bank in the province after another in Hoi An City. Meanwhile, the new unit in HCMC is situated on Xo Viet Nghe Tinh Street in Binh Thanh District.

Earlier this month, ACB announced that it had received approval from the State Bank of Viet Nam to raise its registered capital – used to determine the size of loans and deposits – by 121 percent to VND5.81 trillion this year. By doing this, ACB will rank second among the commercial banks in Viet Nam in terms of registered capital after the Bank for Foreign Trade, or Vietcombank. The announcement said ACB would use its additional reserves fund and the capital surplus left from 2007 to complete raising its capital base.

In mid-July, Euromoney, a world leading financial magazine, presented its “Best Bank in Viet Nam 2008” award to ACB. The bank won the title from Euromoney twice in 1997 and 2006.

The London-based Standard Chartered Bank owns 15 percent of ACB, the largest stake of four foreign shareholders which together hold a combined 30 percent.

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