Founder of ACB Bank

Mr. Tran Mong Hung (born in 1953) is known as the founder of Asia Commercial Joint Stock Bank (ACB) since 1993 and was the first general director of this bank (in 2 years 1993-1994). After that, he was elected as Chairman of the Board of Directors (BOD) and maintained this position for 15 years from 1994-2008.

ACB used to be at the top of the group of large joint stock commercial banks in Vietnam.

In 2008, Mr. Tran Mong Hung withdrew from the scene as a management consultant. After that, ACB Bank fell into a period of crisis and difficulty, associated with many risks, bad debts, capital loss and gold lending activities during the period when Mr. Nguyen Duc Kien (born in 1964) was a major shareholder and chairman of the founding board (an organizational structure not recognized by Vietnamese law).

In March 2010, the Standing Board of Directors of ACB Bank met to discuss the policy of entrusting employees to use money and USD to deposit in credit institutions. At that time, Mr. Tran Mong Hung proposed to lower the mobilization interest rate to reduce the amount of money mobilized from the people.

At that time, ACB was one of the banks that mobilized a lot of money from the people but could not lend it out and had to pay interest. Mr. Nguyen Duc Kien did not agree with Mr. Tran Mong Hung's opinion on the grounds that ACB's total assets could not be reduced.

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Mr. Tran Mong Hung - founder of ACB Bank. Photo: ACB

At that time, General Director Ly Xuan Hai proposed a plan to entrust ACB employees to deposit USD and money into credit institutions. Nearly 719 billion VND that Mr. Kien instructed ACB employees to deposit outside was taken by "super scammer" Huynh Thi Huyen Nhu.

Mr. Nguyen Duc Kien has been a member of the Board of Directors of ACB Bank since 1994 but has since withdrawn from the Board of Directors and Executive Board. Mr. Kien's family, including his wife and three younger siblings, held about 10% of ACB shares in 2006. In addition, Mr. Kien also holds shares in other major banks such as Eximbank, KienLongBank, DaiABank, and Techcombank.

The return of Mr. Tran Mong Hung's family

After a period of retreating behind the scenes, at the end of 2012, Mr. Tran Mong Hung's family returned after the shock of the arrest and prosecution of former leaders of this bank, including Mr. Nguyen Duc Kien.

In 2012, Mr. Tran Hung Huy (son of Mr. Tran Mong Hung) was elected as Chairman of the Board of Directors. Mr. Tran Mong Hung also officially returned to ACB Bank, serving as a member of the Board of Directors from 2012-2018. Ms. Dang Thu Thuy (Mr. Hung's wife) has also been a member of the Board of Directors since then.

Mr. Hung is considered an excellent but secretive businessman, a veteran banker and the soul of ACB. Mr. Hung not only built but also helped this bank overcome the difficulties and crises in the post-"Bau Kien case" period.

After 4 years of efforts to revive, from human resource management to risk and operations, by 2016, the situation at this bank had many positive developments. ACB changed its brand identity, business gradually improved, and bad debt was pushed back.

In April 2018, Mr. Tran Mong Hung withdrew from the Board of Directors. Mr. Tran Hung Huy continued to steer the bank as chairman from then until now.

ACB has now returned to the top position in the group of joint stock commercial banks, with positive growth in lending, mobilization and profit. Bad debt has been handled quite well.

Mr. Tran Hung Huy’s extended family currently holds tens of millions of ACB shares and is among the richest families on the stock market. All members of Mr. Tran Mong Hung’s family are in the top 200 richest people on the stock exchange.

As of the end of 2023, Mr. Tran Hung Huy held more than 133 million ACB shares, equivalent to 3.43% (worth VND 3,571 billion as of May 1); Ms. Dang Thu Thuy (Mr. Hung Huy's mother) held nearly 46.4 million shares, equivalent to 1.19% (worth VND 1,245 billion). Three companies related to Mr. Hung Huy held more than 157 million shares (worth VND 4,215 billion).

Compared to 2017, the value of assets converted from ACB shares held by Mr. Tran Mong Hung's family members has increased 6-7 times.

During more than 30 years of ACB's operation, Mr. Tran Mong Hung has been known as a leader with a business spirit that respects the law, is always cautious and transparent. This is also the spirit that many shareholders see at ACB under Mr. Tran Hung Huy.

In recent years, ACB has gradually regained its position as one of the leading joint stock commercial banks in Vietnam. ACB has good risk management and was not affected by the shock in the bond market in 2021-2022.

Mr. Tran Mong Hung was born in 1953, has a bachelor's degree in banking from Ho Chi Minh City University of Economics. Mr. Tran Mong Hung was the Chairman of the Board of Directors of ACB from 1994 to 2008, General Director of ACB from 1993-1994 and one of the founders of this bank.

On April 25, 2024, Mr. Tran Mong Hung passed away at the age of 72.

ACB, the end of Bau Kien to the Tran Mong Hung dynasty Last August, the financial market was shaken by the arrest of "Bau" Kien and former ACB CEO Ly Xuan Hai.