Au Lac Group Boosts ACB Stake to 6%; HDBank Spends VND 8,500B for 90% of HD Securities

Overview

Two significant ownership changes occurred in Vietnam’s financial sector. The Au Lac group, led by Chairwoman Ngo Thu Thuy, increased its stake in Asia Commercial Bank (ACB) to 6% through a VND 192B share purchase. Meanwhile, HDBank (HDB) spent over VND 8,500 billion to raise its ownership in HD Securities (HDS) to 90%, gaining controlling power and setting the stage for HDS’s IPO.

Key Facts

• Au Lac group now holds 308.2 million ACB shares, equivalent to 6% of ACB’s charter capital.
• Nguyen Thien Huong Jenny bought nearly 8.4 million ACB shares on May 4, spending an estimated VND 192 billion at a price of VND 23,100 per share.
• Jenny’s direct stake in ACB rose from 2.14% to 2.3%.
• Related parties to Jenny, including Ngo Thu Thuy and Nguyen Duc Hieu Johnny, hold a combined 3.7% of ACB.
• HDBank raised its ownership in HDS to 90% after HDS completed a rights issue (1:6) and stock dividend (1:2), increasing outstanding shares to 1.09 billion.
• HDBank spent approximately VND 8,538 billion to acquire 853.8 million HDS shares through transactions and the rights issue.
• HDS plans an IPO of 164.4 million shares at a price not lower than book value.

What Happened

According to a filing, Nguyen Thien Huong Jenny, daughter of Au Lac Chairwoman Ngo Thu Thuy, purchased nearly 8.4 million ACB shares on May 4, 2026. This transaction raised her direct stake from 2.14% to 2.3%. Combined with holdings of related parties—including Ngo Thu Thuy (1.122%), Nguyen Duc Hieu Johnny (1.142%), and others—the Au Lac group now controls 6% of ACB’s charter capital.

Separately, HDBank increased its stake in HD Securities (HDS) to 90% after HDS completed a rights issue and stock dividend. HDS issued nearly 877 million shares to existing shareholders (1:6 ratio) and 73.1 million shares for dividends (1:2 ratio), raising charter capital to VND 10,961 billion. HDBank participated in the rights issue and also acquired shares via transfer, spending a total of VND 8,538 billion. HDS now has 52 shareholders holding the remaining 10%.

Market Context

ACB shares closed at VND 24,000 on April 15, 2026, down 0.62% on volume of 6.45 million shares. The stock trades on HOSE. The Au Lac group’s increased stake signals confidence in ACB’s outlook, which recently had its credit rating outlook upgraded to Positive by Moody’s. HDB shares closed at VND 26,000, up 1.15% on volume of 10.7 million shares, also on HOSE. HDS is not yet publicly listed but plans an IPO.

Strategic Significance

The Au Lac group’s accumulation of ACB shares aligns with a broader trend of strategic investors increasing exposure to Vietnam’s leading private banks. ACB benefits from strong retail banking and a clean balance sheet. For HDBank, gaining 90% control of HDS allows it to integrate securities services into its financial ecosystem, potentially cross-selling products and capturing underwriting fees. The planned IPO of HDS could unlock value for HDBank and provide a capital markets exit for minority shareholders.

What to Watch

• ACB’s Q2 2026 earnings release for signs of earnings momentum.
• Any further stake changes by Au Lac group or other major shareholders in ACB.
• HDS’s IPO timeline and pricing; success will depend on market conditions.
• HDBank’s integration strategy for HDS and potential synergies.
• Regulatory approvals for HDS’s IPO and any changes in securities market regulations.