ACB Holds Vietnam's Largest Int'l Credit Card Market Share
Hanoi bourse-listed Asia Commercial Joint Stock Bank (ACB) - one of joint stock commercial banks-is now holding more than 57 per cent of Vietnam’s international credit card market share, state media said.
The Ho Chi Minh City-based bank also owns 6 per cent of savings deposits of the whole country and 55 per cent of Western Union express money transfer service.
State President Nguyen Minh Triet June 10 bestowed ACB the Labor Order of grade 3, which becomes the first commercial joint stock bank that wins such award in Vietnam.
ACB is now Vietnam’s biggest joint stock bank in term of assets, ranking the fifth in the entire banking sector after four state-owned commercial banks. Its total assets reaches VND55 trillion (US$3.44 billion) as the end of May.
The bank officially raised its chartered capital to more than VND2.53 trillion (US$158.13 million) from VND1.1 trillion (US$68.8 million) on May 31.
Currently, ACB is providing customers with more than 200 basic services in Vietnam.
The bank’s growth is 2-2.5 times higher than the sector’s average level in the three consecutive years. It always takes the lead in capital mobilization, assets and profits.
ACB has targeted to account for 10 per cent of the capital mobilization and 5 per cent of the lending market share of Vietnam’s banking sector with total assets of US$12 billion by 2010. (Vietnam & World Economy, Vietnam Economic Times)
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