ABBank gains VND189B in Jan-April

ABBank estimated to reach accumulative pre-tax profit of 189 billion dong and total asset value of 34.969 trillion dong by end of April.

In late May, the bank planned to hold the annual shareholders meeting to seek approval among the shareholders about the 10-year business strategy for 2011-2020 period with the target of becoming one of the 10 largest commercial joint stock banks in Vietnam in term of total asset value.

At present, ABBank has two large strategic partners of Electricity of Vietnam Group and the largest bank in Malaysia. Each shareholder committed to keep 20 percent of the total capital in the bank.

The International Financial Co., the member of World Bank purchased 600 billion dong bonds issued by ABBank. These bonds will be converted into shares in 2012, and IFC will then become the bank's large shareholder holding total stake of 10 percent.