Imprisoned entrepreneur, spouse hold over 6.3% stake in Vietnam private lender ACB

The combined stake held by imprisoned businessman Nguyen Duc Kien and his spouse in the Asia Commercial Bank (ACB) is valued at nearly VND7.62 trillion ($289.23 million), based on the ACB market price of VND23,500 ($0.89) per share last Wednesday.

Last Wednesday was the last trading day before Vietnam entered a national holiday.

A report on 2026 related-party interests by ACB shows that as of February 13, 2026, Kien had directly held 144.3 million shares, equivalent to a 2.81% stake. His wife, Dang Ngoc Lan, owned 3.5%, while her related parties accounted for a combined 6.73% interest.

Kien, also called "Bau Kien", was previously associated with ACB’s rapid growth phase, as a major shareholder with significant influence on the bank’s operation directions. However, legal troubles in 2012 marked a turning point, leading to his exit from the bank’s power structure.

The Hanoi People’s Court on June 9, 2014 sentenced Kien, former vice chairman of the founding council of ACB, to 30 years’ imprisonment for four offences: swindling for the appropriation of assets, intentional violations of the state’s economic management regulations causing serious consequences, tax evasion, and illegal trading.

Separately, ACB chairman Tran Hung Huy directly holds more than 176 million shares, or a 3.43% stake. He and related parties own nearly 578.5 million shares, equivalent to 11.27% of the bank’s charter capital.

Meanwhile, a shareholder group linked to Au Lac JSC (UPCoM: ALC) raised its stake in ACB to 5.01% in April 2026, corresponding to 257.4 million shares. Nguyen Thien Huong Jenny, daughter of Au Lac chairwoman Ngo Thu Thuy, holds 78.8 million shares (1.53%), while her brother Nguyen Duc Hieu Johny owns 1.14%.

Au Lac is a major petroleum transport company in southern Vietnam, operating a fleet of eight oil tankers with a total capacity of 119,574 DWT. The firm has four major shareholders controlling a combined 57.45% stake. Ngo Thu Thuy’s two children, Nguyen Duc Hieu Johny and Nguyen Thien Huong Jenny, hold 9.82% and 12.81%, respectively.

Speaking at ACB’s 2026 annual general meeting of shareholders, chairman Tran Hung Huy said the group has been a long-term investor for more than 20 years, with ownership typically fluctuating around 5% depending on financial structuring.

“This shareholder group has a long-term commitment to the bank, and we expect it to contribute to ACB’s growth going forward,” he said.

ACB, listed on the Ho Chi Minh Stock Exchange as ACB, is widely regarded as a lender focused on prudent, sustainable growth, emphasizing risk management and capital efficiency.

Under Huy’s leadership, the bank has adopted a conservative strategy centered on retail banking and risk control. This has helped it maintain strong profitability among private-sector banks, supported by low bad debt ratios and a stable funding structure - key pillars for long-term growth.

For 2026, ACB targets 16% growth in total assets, credit and deposits (within limits set by the State Bank of Vietnam). Its pre-tax profit is projected at VND22.34 trillion ($848.06 million), up 14% year-on-year, while the non-performing loan ratio is expected to remain below 2%.

In the first quarter of 2026, the lender’s consolidated profit reached nearly VND5.4 trillion ($205 million), up about 17% year-on-year and fulfilling roughly 24% of the full-year target.

ACB reported a rare decline in pre-tax profit in 2025 - the first since 2013 - falling 7% to VND19.54 trillion ($743 million) and achieving only 85% of the year's target.