Standard Chartered Bank increases stake at ACB

22/07/2008 -- 6:53 PM

Hanoi (VNA) - Standard Chartered Bank has decided to increase its stake in Asia Commercial Bank (ACB) to 15 percent from 8.84 percent. The decision was made after Standard Chartered reached an agreement with large ACB shareholder International Finance Corporation (IFC) to purchase over 16 million of stocks from the IFC with transaction scheduled for July 24. “Our sustainable increase in investment in Vietnam is a strong statement on how we view the long-term future of Vietnam,” Ashok Sud, Standard Chartered Chief Executive to Vietnam, Laos and Cambodia told a Vietnam News Agency’s reporter on July 22. ACB General Director Ly Son Hai said that Standard Chartered’s decision affirmed its long-term commitment to Vietnam, as well as its high appraisal of the country’s business and investment potential and ACB position, despite the current high inflation and trade deficit. According to the Ministry of Industry and Trade, Vietnam’s trade deficit in the first six months of the year was 14.2 billion USD, while inflation saw an increase of 2.2 percent in June over May. Ashok Sud further said that despite short term obstacles, Vietnam will remain an attractive destination for long-term investment and the bank is very happy with its presence in the country and wish to grow further. -Enditem
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