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ACB sets aside $720 mln for liquidity assurance

ACB sets aside $720 mln for liquidity assurance

Wednesday, August 22, 2012, 15:00 GMT+7

Asia Commercial Joint Stock Bank (ACB) has set aside some VND15 trillion for liquidity assurance in case of mass withdrawals resulted from the arrest of Vietnamese banking mogul Nguyen Duc Kien, said the bank’s spokesman.

Liquidity aid from the State Bank of Vietnam arrived at the bank late Tuesday afternoon, but there have been no mass withdrawal, said Nguyen Thanh Toai, deputy general director of ACB.

All the cash was then mobilized to ACB headquarters in the evening to prevent any liquidity risks, Toai said.

“The central bank’s timely and positive aid has helped reassure ACB customers about the financial health of ACB.”

According Toai, there was also no mass withdrawal at other ACB branches across the nation.

Do Minh Toan, deputy general director of ACB, is temporarily taking over the bank as his superior, the general director Ly Xuan Hai, is still cooperating with police on the investigation into Kien, Toai said.

Toan worked as marketing assistant of the HCMC Representative Office the Dutch ING Barings Bank before working in the ACB in 1995. He was promoted from the post of HCMC Branch Director and a manager of corporate credit department at ACB headquarters.

He was appointed ACB general deputy director 7 years ago.

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