Do Minh Toan, the new president of the ACBS, says, "Work hard from dawn till dusk every day, then from bad to good, from good to better."

DNHN - Mr Do Minh Toan has been named Chairman of ACB Securities Company Limited by the Board of Directors of Asia Commercial Joint Stock Bank (HoSE: ACB).

Mr Do Minh Toan has approximately 30 years of expertise in the investing, finance, and banking industries. Before joining ACB in 1995, he held top managerial roles at ING Barings Netherlands' representative office.

Mr Do Minh Toan was named General Director of ACB in August 2012 and departed the job early this year. Mr Toan is an excellent CEO in the history of ACB's formation and development after three terms as General Director (from 2012 to present), as he has led and led ACB to overcome challenges, achieve solid financial indicators, rose strongly with many achievements recognized by domestic and foreign organizations, and built an ambitious ACB that strives for the goal of Top 3 leading joint-stock commercial banks in Vietnam.

Mr Do Minh Toan was named General Director of Asia Commercial Joint Stock Bank (ACB) in August 2012, replacing Mr Ly Xuan Hai, who was prosecuted in the Bau Kien episode.

Mr Do Minh Toan's appointment as CEO was unexpected, even though he had been on the Board of Directors' list of candidates for this job for more than a year.

Mr Toan had several challenges after accepting the CEO post, the most significant of which was the bank's acute liquidity issue. The number of customers going to withdraw money at ACB was three times greater than typical on the first day after the announcement of Bau Kien's arrest. ACB was forced to utilize bonds to borrow VND 10,000 billion from the State Bank for liquidity needs, while interbank deposits were taken when due.

Furthermore, ACB undertakes initiatives to entice clients who have withdrawn funds to return to the bank, such as offering presents or agreeing to maintain interest rates intact for those who withdraw their savings books before the due date.

Furthermore, Mr Do Minh Toan took at ACB at a time when the bank's strongest business sector, gold, was being restricted. Previously, ACB was the system's biggest gold deposit bank, with an annual interest rate of just 1%. The gold is then transformed into dong and inter-bank loans at a rate of 10-15% every year.

With such a tough backdrop, ACB, led by Mr Do Minh Toan, focused on bad debt reduction and reorganized the staff scale in 2013. According to the new corporate identity, this bank entirely redesigned its logo, Head office façade signs for all branches, and ATM transaction offices in 2014. ACB, which no longer deals in gold, shifts its approach to retail banking and focuses on perseverance. 

Mr Do Minh Toan has reformed ACB after 9 years after the catastrophe. From a deficit, ACB progressively generated a profit of 300-500 billion dong from 2014 to 2017. Bank earnings increased to $1,300-1,500 billion between 2018 and the first half of 2020. From the second half of 2020 until the present, ACB's profit has regularly surpassed VND 2,000 billion every quarter.

In terms of assets, ACB's assets have quadrupled to VND 480,000 billion in the eight years after they bottomed out in the third quarter of 2013.

ACB has also quadrupled, from VND 9,377 billion to VND 27,019 billion at the time. Customer deposits have also rebounded rapidly after 9 years, rising from 123,000 billion in the third quarter of 2012 to 366,000 billion in the third quarter of 2021.

Mr Do Minh Toan recently revealed his secret to success in an interview: "There is no big faith. But, as my parents taught me, just work hard from early morning to late at night every day, and you'll progress from terrible to good, good to better ".

When asked what his secret is for distributing good energy to staff and converting plans into reality? Mr Toan stated: "I am prepared to delegate authority to capable individuals for them to grow. I offer clear directions for folks with fewer abilities to "follow" and produce outcomes. This is also a chance for me to assess the succession team.

Mr Do Minh Toan will achieve his investing aspirations and execute many innovative digital-age innovations in his new role at ACBS, with an emphasis on creating current information technology resources to construct a speedy and easy transaction system for clients.

He also intends to collaborate with the parent bank to create a plethora of product divisions to meet the different investment demands of consumers.

Hai An (t/h)