Finance Asia picks ACB as Vietnam’s best bank

The Finance Asia magazine of the UK-based Haymarket Media Group has selected Asia Commercial Bank (ACB) the best bank in Vietnam in 2009.

Finance Asia said the award ceremony would be held in Hong Kong this September.

Finance Asia said the criteria for selection included banks’ financial situation (profit, overdue debts, return on equity, and capital safe rate), operation scale (total assets, total outstanding loans, deposits and the number of branches), long-term vision and strategy, position in the market, analysts’ assessments, and stock prices.

State Bank of Vietnam Nguyen Van Giau (C) presents a Labor Order to Tran Xuan Gia, chairman of the Asia Commercial Bank board of directors, in HCM City on June 13. Vietnamese President Nguyen Minh Triet granted the order to ACB to acknowledge its contributions to Vietnam’s banking system and economy.

In May, ACB was selected Vietnam’s best domestic bank by the Asiamoney magazine.

The Ho Chi Minh City-based bank now has a charter capital of VND6.3 trillion and more than 20,000 shareholders. Its total assets rank fifth among the banks in Vietnam. ACB operates about 200 branches nationwide.

By Thuy Nguyen

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