After the Chairman's performance in the rain, ACB plans to buy back 10,000 billion bonds

The Board of Directors of Asia Commercial Joint Stock Bank (ACB) has just passed a resolution on the early repurchase of the 4th privately issued bonds (2021).

Accordingly, ACB will buy back 4 lots of bonds, with a maximum face value of VND10,000 billion. These are 4 lots of non-convertible bonds, without warrants, without assets and are not ACB's secondary debt. The buyback dates for the 4 lots of bonds are June 22, June 23, July 8 and July 15 with a purchase price equal to the issuance face value.

Money used for the purchase is taken from revenue from medium and long-term VND loans or other maturing loan/investment sources or other legal capital sources maturing at the time of bond purchase.

By the end of the first quarter of 2023, ACB had more than VND36,000 billion in outstanding bonds, mostly with terms of 3 years and 1-2 years.

ACB used to be a top private joint stock commercial bank in the system. However, after the “Bau Kien” incident, ACB weakened. In recent years, this bank has emerged again under the leadership of Mr. Tran Hung Huy.

In the first quarter of 2023, ACB recorded a 25% increase in consolidated pre-tax profit over the same period to nearly VND 5,160 billion. Total assets increased slightly to VND 611,224 billion. Outstanding loans reached VND 411,289 billion. The bad debt ratio is below 1%.

According to the plan, Mr. Tran Hung Huy will be distributed an additional 17.4 million ACB shares (15% ratio) and nearly 116 billion VND in cash under the dividend payment program. These shares are expected to be transferred to shareholders' accounts before June 30.

With the addition of nearly 17.4 million new shares, Mr. Tran Hung Huy will own a total of more than 133 million shares. The estimated value of ACB shares held by Chairman Tran Hung Huy is about VND2,870 billion.

In early June, the Chairman caused a storm online with images of him playing guitar, singing in the rain, and dancing on stage like a professional artist at the 30th anniversary Gala.

Not only standing out with impressive performances on anniversaries, Mr. Tran Hung Huy is known as the young leader who revived ACB after the crisis associated with the "Bau Kien" case.

In the last 5 years, ACB has recorded increasing profits every year and maintained a bad debt ratio among the lowest in the system.

Mr. Tran Hung Huy (1978) is the son of Mr. Tran Mong Hung - the founder of ACB Bank. Mr. Huy is known as the youngest bank chairman, having taken up this position since September 2012 at the age of 34.

Mr. Tran Hung Huy has an impressive education with a bachelor's degree in 3 majors: business administration, finance, international business; then a master's degree from Chapman University and a doctorate from Golden Gate (USA).

When 'a marketing team running for a month loses to the ACB chairman singing for one night' The banking industry has seen the emergence of a second generation with many "different" qualities. They have affirmed their talents like Mr. Tran Hung Huy and there are young leaders who are showing their best.

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