ACB sets up asset management subsidiary

The Asia Commercial Bank on December 17 started the operation of an assets management company, said a ACB executive. This is a one member limited liability company owned by ACB, headquartered in HCM City. This AMC will function to receive, manage and deal with ABC’s overdue and non-performing loans.
In addition, the ACB-based debts management and assets exploitation company will specialise in trading debts of credit institutions and other debts management and assets exploitation companies under the prevailing laws of Vietnam.
ACB said that the banks system of Vietnam over the past years has grown markedly in scope and quality. However, the Vietnamese banking sector has not yet had enough the capacity to compete with banking sectors in the region in particular and in the world in general. Therefore, there is an urgent need for credit institutions of Vietnam to continuously further improve their operation structure, especially related to the field of debts and assets trading.
ACB said it has a NPL rate of 0.82% of total outstanding loans.

 

Category: Finance