Asia Commercial Bank, often abbreviated to ACB, is one of the largest private banks in Vietnam by assets, headquartered at 442 Nguyá» n Thá» Minh Khai, Ward 5, District 3, Ho Chi Minh City. It was registered on 19 May 1993 owned by (100%) stake enterprised by the Ministry of Health and began operations in June 1993. The bank trades at the Ho Chi Minh Stock Exchange under the symbol ACB, where it listed on December 9, 2020 after previously trading at the Hanoi Stock Exchange.
According to PetroTimes, on August 22, 2012, Lý Xuân Hải - General Director of ACB - was ordered to be detained for 4 months by the Supreme People's Procuracy. Hải was prosecuted and taken into custody to investigate acts of intentionally violating State regulations on economic management. Tuá»Âi Trẻ Online confirmed this the next day. On the same day, it was reported by VnExpress that ACB's Board of Directors had approved Hải's resignation letter for personal reasons, and appointed ÃÂá» Minh Toàn as General Director since August 23. As revealed by Toàn, customers withdrew 5 billion VND (240 million USD) from the bank on Wednesday, August 22.
On September 19, 2012, ACB announced their approval of resignation by Chairman Trần Xuân Giá and 2 Vice Chairmen, Lê Và © Kỳ and Trá»Ânh Kim Quang, due to their involvement in Hải's case. On the same day, 's management approved Phạm Trung Cang's resignation from the position of Vice Chairman. Trðáng VÃÂn Phðá»Âc - Eximbank's General Director - said that Cang resigned because he needed time to explain his responsibilities during his previous working time at ACB.
On September 27, the Ministry of Public Security informed that the four defendants - Trần Xuân Giá, Lê Và © Kỳ, Trá»Ânh Kim Quang, and Phạm Trung Cang - had been prosecuted, and were currently forbidden to leave their residence. Those previous managers of ACB were accused of having issued a policy of entrusting employees to use ACB's capital in contravention of regulations, causing serious consequences. They were accomplices with the two people arrested earlier, former general director Lý Xuân Hải and former vice chairman Nguyá» n ÃÂức Kiên. The investigating agency assessed that their actions were contrary to the provisions of Article 106 of the Law on Credit Institutions and the guiding circular of the State Bank - and has caused loss of hundreds of billions of VND.