Established in 1993, Asia Commercial Bank (ACB) is a Vietnam-based financial institution specializing in commercial banking services, with a strong focus on retail and small and medium-sized enterprises (SMEs). In its early years, the bank pursued growth opportunities by implementing key processes and simple rules to drive sustainable expansion and create value for stakeholders. By the end of 2011, ACB had become the largest joint-stock bank in terms of assets, ranking just behind Vietnam’s four state-owned commercial banks.
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Overcoming Crisis: Leadership in the Face of Adversity
In August 2012, ACB faced a major corporate governance crisis when its CEO resigned following issues related to gold deposits and loans. The incident led to the resignation of the then Chairman a month later and triggered a bank run that resulted in the loss of nearly one-third of ACB’s total assets, severely impacting its profitability. Amidst this turmoil, 34-year-old Trần Hùng Huy, a director at the time, was elected Chairman. His appointment marked the beginning of a new era for ACB.
A Leader Forged Through Experience
Trần Hùng Huy’s rise within ACB was built on a strong academic and professional foundation. Holding an MBA and a bachelor’s degree with triple majors in business administration, finance, and international business from Chapman University (USA), as well as a Doctorate in Business Administration (DBA) from Golden Gate University (USA), Trần joined ACB as a market research officer in 2002. He later became Deputy CEO in 2008, leading the bank’s human resources division. His experience in investment banking at Rothschild Group (UK) from 2010 to 2011 further refined his expertise before he took on the chairman role.
Transforming ACB into a Market Leader
Despite being dubbed a “wounded tiger” after the 2012 crisis, ACB experienced a remarkable turnaround under Trần’s leadership. He swiftly restructured the bank, ensuring a more stable and diverse funding base. Within just two years, ACB had regained its deposit size and improved profitability.
Trần also focused on leadership practices centered on vision, core values, and cultural transformation. He spearheaded initiatives that included strategic restructuring, talent development, fostering innovation, and embedding environmental consciousness within the organization. By 2017, ACB had successfully resolved its legacy issues and reclaimed its status as one of Vietnam’s top-performing banks, achieving an impressive return on equity (ROE) of 27% in 2018 and 25% in 2019.
Driving Sustainability and Environmental Consciousness
Beyond financial success, Trần is a staunch advocate for environmental sustainability. Under his leadership, ACB launched several initiatives to raise awareness about waste management and environmental conservation. The ‘Closer to Earth’ campaign was a key initiative, featuring the ‘Go Paperless’ project to minimize paper usage, alongside policies to eliminate plastic bottled water and single-use plastic bags across the company.
Recognition and Continued Success
Trần’s leadership has earned ACB numerous prestigious local and international awards. He has been personally recognized as an ‘Outstanding Entrepreneur’ and ‘Master Entrepreneur’ for transforming ACB into a resilient and competitive financial institution.
As of June 30, 2020, ACB had 11,200 employees across 369 offices in 47 provinces and cities in Vietnam, serving approximately three million customers. The bank was also among the first 10 out of 35 domestic commercial banks selected by the State Bank of Vietnam to implement Basel II standards since 2019.
A Vision for the Future
Looking ahead, Trần remains committed to ACB’s mission of becoming one of the three most profitable banks in Vietnam. To ensure sustainable growth, ACB is investing in advanced technology, human capital, and brand innovation. By developing an integrated banking ecosystem, the bank aims to enhance customer acquisition, expand market share, and drive long-term profitability.
A Testament to Leadership and Vision
Restructuring a financial institution while overcoming legacy challenges is no easy feat, yet Trần Hùng Huy accomplished both in under five years. Today, he continues to lead Asia Commercial Bank toward a sustainable future, driven by a strong vision, core values, and an unwavering commitment to excellence.
It’s a tall order to restructure a financial institution while resolving its legacy issues, but Trần Hùng Huy achieved both in under five years and continues to steer Asia Commercial Bank towards a sustainable future with a strong vision and core values – Shanggari Balakrishnan, Chief Executive Officer, MORS Group
