Founder of Vietnam’s ACB bank passes away

Asia Commercial Bank founder Tran Mong Hung, father of the current chairman Tran Hung Huy, passed away Thursday. He was 72.

Hung was ACB chairman from 1994-2008 and a member of the board of directors from 2012 to 2018. He was also the first general director of this Vietnamese private bank.

His son Huy took over as the bank’s chairman in September 2012.

Hung resigned from ACB's board of directors in 2018 and served as deputy head of the bank's risk management committee until 2023. Dang Thu Thuy, his wife, has also held several key positions in the bank, serving on the board of directors since 2011.

Over more than 30 years of ACB’s operations, founder Hung has been recognized as a visionary leader with legal acumen and a practical, effective approach. He prioritized transparency and made it a standard corporate practice.

He also guided the bank through challenging times by optimizing management, corporate culture and human development. He put people’s well-being at the heart of the bank’s human resource management. This has resulted in generations of bright leaders and a team of excellent, dedicated employees, observers have said, adding that it gave the bank a distinct identity and competitive advantage.

Last year, ACB reported record profits of more than VND20,000 billion ($789 million), placing it among the top 10 banks in the country. It also ranks third on the list of most profitable private banks in Vietnam.

ACB earned Q1/2024 profits of about VND4,900 billion ($193.4 million), a modest reduction from the same period last year due to decreased income from non-credit businesses and increased risk provisions.