HO CHI MINH CITY, VIETNAM – Media OutReach – Mar 19, 2019 – Before the information related to stock disputes between shareholders, Nam A Commercial Joint Stock Bank (Nam A Bank) of Vietnam affirmed that, the disputes (if any) are completely civil relations between shareholders, not related to the business activities of Nam A Bank – a public company operating publicly, transparently and strictly complying with the current legal regulations.
According to local media, on March 15, Mr. Nguyen Chan, 96 years old — husband of Tran Thi Huong, who died on May 13, 2017 – the founder of Nam A Bank and Hoan Cau Group announced that his son’s act of possessing the bank’s property. Mr. Chan revealed that in mid-2016, due to the serious sickness of his wife, she granted her son Nguyen Quoc Toan permission to manage Nam A bank and Hoan Cau Group. Remarkably, the property-owning right still belongs to her spouse.
However, Mr. Toan quickly colluded with several individuals to appropriate all assets of the family. The estimation of the total asset value is approximately 30,000 billion VND, including: shares issued by Nam A Bank, shares in subsidiary companies of Hoan Cau Group, Hoan Cau Group’s investment in the form of capital contribution and share purchase.
Apart from real estate, Hoan Cau Group and Nam A Bank also own numerous shares in corporations and Eximbank Vietnam — a national bank which is struggling with difficulties due to massive conflicts from its shareholders.
Nam A Bank was found in 1992 as one of the first commercial banks in Vietnam. After 23 years of development, facilities, technologies, sciences, techniques and network of Nam A Bank have been expanded and enhanced more and more in association with great improvements.
Recently, Moody’s Investors Service has assigned its first ratings and assessment for Vietnam’s Nam A Bank, giving it a B2 stable outlook.
As of December 31, 2018, total assets of the bank reached VND75,000 billion, growing nearly 40% compared to 2017, reaching 114% of the plan; profit reached VND750 billion, nearly double compared to 2017 and reached 230% of the plan; and the number of customers reached nearly 450,000, doubling that of 2017.
