According to Asia Commercial Joint Stock Bank (ACB) ‘s annual shareholder meeting document (HNX: ACB), the Board of directors would submit the shareholder to list shares on the Hochiminh Stock Exchange (HoSE).
According to bank management, the government had approved the project of establishing the Vietnam Stock Exchange, expected that the stock market would be transferred to HoSE for management. The Hanoi Stock Exchange (HNX) would manage the bond market and create the derivative stock market. Hence, it was only a matter of time for ACB to register to list shares from HNX to HoSE.
Besides, when switching to HoSE, ACB shares could enter the basket of indices such as VN30 weighting at four percent, VNDiamond (10%), VNFIN Select (12%), VNFIN Lead (12%), which could increase the market value for the stock. The transfer time would be authorised by the Bank’s Board of directors.
Shareholders would also consider approving the plan to issue international bonds with a maximum volume of 10 percent of total customer deposits. Bond interest rates were calculated according to the market at the time of issuance. The purpose of issuance was to supplement tier 2 capital, supplement medium, and long term loan business capital.
Regarding business activities, the Bank planned to increase total assets by 12%, in which customer deposits would increase by 12%; credit increased by 11.75 percent (according to the State Bank of Vietnam’s target); the non-performing loan (NPL) ratio under two percent.
The Board of directors set a pre-tax profit of about 7.636 trillion dong, two percent higher compared to the previous year. This figure was lower than the target shared by general director Do Minh Toan in early January (pre-tax profit of 8.7 trillion dong, an increase of 15%).
In the five-year plan, the Bank planned to increase total assets by an average of 15 percent per year, increase customer deposits, credit by 15%, keep the NPL ratio under two percent. Target profit before tax increased by 12 percent to 20 percent per year.
The Board of directors also submitted additional business operations, providing derivative products, investing in government bond future contracts, e-wallets.
