ACB has no plans to pursue M&A

"Upon review, we've identified potential opportunities for M&A. However, our research indicates that ACB can continue to grow independently without the need for M&A. Additionally, there are no plans to expand operations internationally," he said Huy at the bank's AGM on April 4

Concerning ACB Securities (ACBS), a subsidiary of ACB, he mentioned that in previous years, the bank considered selling a portion of its stake to both domestic and foreign investors. This was part of ACB's strategy to bolster the development of its subsidiaries to safeguard shareholder interests, thus making capital calls necessary.

"Previously, there were partners interested in investing in ACBS, and negotiations were undertaken. However, especially after navigating through the pandemic, these partners faced certain difficulties, and we found the partnership to be unsuitable. As a result, we decided to focus on internally developing ACBS," he said.

Over the past year, ACBS has increased its charter capital by $41.67 million, reaching $166.67 million, with the additional funds provided by its parent bank, ACB.

In terms of bond investments, ACB reported it does not invest in corporate bonds. Instead, the bank has intensified its investments in government bonds.

Huy also highlighted ACB's strategic push towards retail banking, focusing on individual customers and small to medium-sized enterprises, in addition to its large corporate client base. Moreover, the bank plans to significantly invest in digital banking, allocating an annual technology investment budget of $41.67 million, with a keen emphasis on risk management.

For the current year, ACB has set a profit target of $916.67 million, a 10 per cent increase from 2023.

The bank intends to maintain a dividend rate of 25 per cent, a standard it has upheld over several years. However, Huy acknowledged the challenges in achieving this dividend rate amid current market conditions, describing it as a pressure point for ACB.

VIB approves 29.5 per cent dividend payout and 2024 profit plan of $481.6 million Vietnam International Bank (VIB) has approved a 29.5 per cent dividend in cash and stocks, and a pre-tax profit plan of $481.6 million for fiscal year 2024.