VietFund Management divests from ACB

Friday, Jun 28, 2019 16:15

A customer at an ACB branch in Ha Noi. — Photo ACB

The VietFund Management (VFM) will sell all its shares at the Asia Commercial Bank (ACB).

The Ha Noi Stock Exchange announced that the VFM registered to sell 692,967 ACB shares, equal to 0.06 per cent of ACB’s charter capital. The shares will be traded via both put-through and order-matching methods from June 28 to July 26 this year.

On the stock market, ACB shares are trading around VND29,000 (US$1.25) apiece so that the VFM is estimated to earn more than VND20 billion from the deal.

Dominic Timothy Charles Scriven, who is chairman of VFM as well as Dragon Capital, is currently also a member of ACB's Board of Directors.

In the first quarter of this year, ACB posted a net profit of nearly VND1.37 trillion, up 19 per cent year-on-year, and total assets rose by 2 per cent to VND335.8 trillion.

The bank’s outstanding loans grew by 3 per cent to VND237.36 billion while its mobilised capital was more than VND275 trillion, up 1.9 per cent.

ACB is among a few banks in the country that was approved by the State Bank of Viet Nam (SBV) to apply Basel II international standards before the deadline of 2020. — VNS

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