HCM City (VNA) –Investments in State bonds have kept the Asia Commercial Bank financially healthy, according to its chairman.
Nguyen Duc Kien, the bank’s Investment Council chairman, said of the 9.6 trillion VND (600 million USD) invested in securities, almost 8.48 trillion VND were in Government bonds, State Bank bonds and bills issued by State owned banks.
None of these had been influenced by the fall of the stock market, he said.
The remaining money was invested in its affiliate, the ACB Securities Company, and its strategic partners, with many of them bought at par value, and all of them long-term investments.
Several other banks also made similar announcements, with many of them saying the stock market had no impact on their financial situation.
Nguyen Duc Vinh, Techcombank’s general director, said investment in company shares accounted for 3.5 percent of his bank’s total investment at over 6.8 trillion VND.-Enditem
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