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HO CHI MINH CITY, VIETNAM - Media OutReach - Mar 19, 2019 - Beforethe information related to stock disputes between shareholders, Nam ACommercial Joint Stock Bank (Nam A Bank) of Vietnam affirmed that, the disputes(if any) are completely civil relations between shareholders, not related tothe 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, 96years old -- husband of Tran Thi Huong, who died on May 13, 2017 - the founderof Nam A Bank and Hoan Cau Group announced that his son's act of possessing thebank's property. Mr. Chan revealed that in mid-2016, due to the serioussickness of his wife, she granted her son Nguyen Quoc Toan permission to manageNam A bank and Hoan Cau Group. Remarkably, the property-owning right stillbelongs to her spouse.
However, Mr. Toan quickly colluded with several individualsto appropriate all assets of the family. The estimation of the total assetvalue is approximately 30,000 billion VND, including: shares issued by Nam ABank, shares in subsidiary companies of Hoan Cau Group, Hoan Cau Group's investmentin the form of capital contribution and share purchase.
Apart from real estate, Hoan Cau Group and Nam A Bank alsoown numerous shares in corporations and Eximbank Vietnam -- a national bankwhich is struggling with difficulties due to massive conflicts from itsshareholders.
Nam A Bank was found in 1992 as one of the first commercialbanks in Vietnam. After 23 years of development, facilities, technologies,sciences, techniques and network of Nam A Bank have been expanded and enhancedmore and more in association with great improvements.
Recently, Moody's Investors Service has assigned its firstratings and assessment for Vietnam's Nam A Bank, giving it a B2 stable outlook.
As of December 31, 2018, total assets of the bank reachedVND75,000 billion, growing nearly 40% compared to 2017, reaching 114% of theplan; profit reached VND750 billion, nearly double compared to 2017 and reached230% of the plan; and the number of customers reached nearly 450,000, doublingthat of 2017.
