More than 200 staff of the Asia Commercial Bank (ACB), one of the most well-known banks in Vietnam, have been laid off over the past 3 months due to financial difficulties.
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| ACB gold trading leads to huge losses |
Although ACB has employed more staff last year, they have been made to cut 222 staff members.
The bank suffered losses from most of its investments, which ended included a decrease of VND2.3 billion (USD110,000) in banking fees and VND84 billion in the gold market.
Their financial report showed that ACB gained VND307 billion in profit, a 63% decrease from the same period last year.
According to ACB, they were required to pay more to the risk prevention fund because of mounting bad debts. Their ratio of bad debts over outstanding loans increased from 2.5% early this year to 2.88%.
The report also showed that ACB's total assets had shrunk by VND397.6 billion in the last three months.
ACB also has a deficit of VND718.9 billion in short-term interbank loans, which has led to an ongoing investigation by the court.
