ACB appoints new general director: press conference

August 24, 2012 | 09:24
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Ly Xuan Hai on Thursday left the position of General Director of Asia Commercial Joint Stock Bank (ACB) after his resignation letter based on his own choice has been approved by the bank’s board of directors, a press conference said on August 23.

Ly Xuan Hai

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At the press conference held at ACB's headquarters in Ho Chi Minh City today, the bank’s management board announced that they have accepted Hai’s resignation letter and appointed Do Minh Toan (Mr.), who is currently deputy general director of ACB, to act as the new manager.

However, the bank is still waiting for approval from the Central Bank to officially select Toan for the new role.

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After taking over the bank, Toan told local media that the bank is able to carry out all transactions and has prepared for all scenarios despite "recent difficulties".

Yesterday evening, he told Tuoi Tre that “the situation is within control”. 

“As of the close of August 22, the amount of withdrawals was higher than one day before but much lower than the bank’s forecast”, Toan told Tuoi Tre.

According to Toan, in the two days of Agust 21 and 22, ACB used bonds to loan from the State Bank of Vietnam VND10 trillion. Besides, the VND36 trillion deposited on the inter-bank market will be withdrawn to serve liquidity demands. Partner banks are also assisting ACB.

ACB has over VND6 trillion in balance, US$9.3 million and $20 million on the way to the bank, not to mention US$165 million that is readily convertible to cash, Toan added.

Ly Xuan Hai was born in 1965 in Hanoi, but currently living in Ho Chi Minh City. He obtained a Master of Economics at the University of Paris Dauphine (France), and a PhD in Math - Physics at the National University of Belarus (Belarus).

Hai was a member of ACB board of directors and ACB general director from March 2008 to today (August 23).

From 2002 to 2005, Hai held the position of General Director of ACB Securities Company Limited.

From 2004 to 2005, he was Deputy General Director and Director of Finance of ACB.

From 1996 to 2002, Hai was the deputy director and then director of ACB branch in Hai Phong City.

Thus, Ly Xuan Hai has worked for ACB for over 15 years. When Hai joined ACB, Nguyen Duc Kien, who has been arrested for allegedly conducting illegal business at three companies, was Deputy Chairman of ACB.

Tuoi Tre

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