Asia Commercial Bank Harvests Successes from Public-Oriented Services

3:26:25 PM | 7/8/2005

Asia Commercial Bank Harvests Successes from Public-Oriented Services

The Asia Commercial Joint Stock Bank (ACB), Vietnam's second largest joint stock bank, has recently provided new "9^th Hour" service on both weekdays and weekends in some places in Ho Chi Minh City to help state cadres and workers carry out banking transactions and make more use of the bank's utilities.

Clients can dial (848) 8247247 for services from the bank 24 hours a day, seven day a week. Asia Commercial Bank was the first bank to issue international debit cards from such major trademarks as MasterCard Electronic, Visa Electron, CiTyMart and Vera Visaelectron.

ACB’s customers can deposit their money at one branch, but they can withdraw money anywhere in the bank’s network. ACB also provides its clients electronic banking services such as homebanking, Internet banking and phone banking. From anywhere worldwide, clients can check their accounts and order the bank to pay for their electricity, water, fixed phone and mobile phone bills by calling the above phone number (848-8247247).

With traditional public-oriented services such as funds mobilisation in local and foreign currencies and in gold, and lending for studying abroad, for consumption and house buying, and now the “9^th Hour” service, the bank has seen its assets rise considerably. As of 31^st October 2004, the bank reported total assets of VND14,105.87 billion (US$898.4 million), total mobilised capital of VND12,466.84 billion (US$794 million), total outstanding loans of VND5,102.84 billion (US$325 million) and pre-tax profits of VND210.74 billion ($13.4 million). The respective figures for 2003 were VND11,481.14 billion (US$731.3 million), VND10,333.23 billion (US$658.2 million), VND5,469.15 billion (US$348.3 million) and VND168.25 billion (US$10.7 million).

According to ACB Deputy Director Nguyen Thanh Toai, the bank will reach total assets of VND14,500 billion (US$923.6 million) by the end of this year.

Recently, Vietnam central bank governor Le Duc Thuy recognised ACB as the best and most healthy commercial joint stock bank in Vietnam. ACB was also selected as one of the best banks in Vietnam in term payment by the UK’s Standard Chartered Bank, the US CitiBank and the Hong Kong and Shanghai Banking Corporation (HSBC).

Mr. Toai also said that ACB officially opened a branch in the industrial province of Binh Duong on November 15, bringing its total number of branches nationwide to 41. The Binh Duong Branch will provide common banking services, including deposits in Vietnamese dong, gold and foreign currencies, payment accounts for individuals and institutions, lending, bankcard services, international payments, foreign currency exchanges and overseas remittance. The branch is also an agent of Western Union.