Standard Chartered aquires stake in Vietnam's leading private bank

0 Comments | AFP, June, 2005

HANOI (AFP) — Standard Chartered Bank has acquired a stake in Asia Commercial Bank.

Standard Chartered, the emerging markets banking giant listed in London and Hong Kong, spent 22 million dollars to obtain 8.56 percent of ACB.

"ACB is one of the premier banks in the country and its growth and development will benefit both customers and industry in Vietnam," said Kai Nargolwala, group executive director of Standard Chartered in the statement.

Tran Mong Hung, ACB Chairman said: "We will work with Standard Chartered to enhance our product range, services and delivery standards to become the best bank in our country."

ACB's registered capital at present is 600 billion dong (38 million dollars). It aims to raise this to 880 billion dong by the end of...