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Within just over a month, the Au Lac group has raised its holding from below the large shareholder threshold to about 6% of ACB's charter capital.
Nguyen Thien Huong Jenny has submitted a report on changes in ownership by a major shareholder holding 5% or more of ACB shares.
Accordingly, Nguyen Thien Huong Jenny bought nearly 8.4 million ACB shares, increasing her ownership from more than 109.8 million shares (2.14%) to over 118.2 million shares (2.3%).
Nguyen Thien Huong Jenny is the daughter by marriage of Ngo Thu Thuy, Chairwoman of Au Lac Joint Stock Company.
Other related individuals and entities include Mr. Nguyen Duc Hinh (husband of Ngo Thu Thuy), Mr. Nguyen Duc Hieu Johnny (son of the couple), and companies including Thien Huong International Education Village Joint Stock Company and ICON Joint Stock Company, which together hold more than 190.1 million ACB shares, equivalent to 3.7% of charter capital.
After the transaction, the Au Lac shareholder group holds nearly 308.3 million ACB shares, about 6% of ACB's charter capital.
The accumulation is described as a notable development among private banks in 2026: the group increased its stake from below the 5% threshold to about 6% within just over a month.
Historically, ACB's shareholder structure has been relatively dispersed. The bank’s 2025 annual report indicates it had no dominating institutional shareholder above 5%.
Crossing the 5% threshold is described as a shift that can increase ownership stability and introduce a shareholder group with a clearer voice. However, at around 6%, the group is not yet at a level that would control the bank or significantly influence governance compared with past cases involving “special interest” groups at other banks.
The move has drawn attention not only due to the purchase size but also because Ngo Thu Thuy has been a prominent name in banking power struggles for years, particularly at Eximbank. The market is watching whether the activity is primarily a financial investment or a longer-term effort to increase influence at ACB.
From a market perspective, large ongoing purchases by a major shareholder are typically associated with three effects: positive sentiment; reduced free float as a strategic investor holds long-term, which can support the stock price; and expectations for a re-rating if ACB maintains high ROE, double-digit profit growth, and solid control of non-performing loans.
Investors are also expected to monitor whether the Au Lac group continues increasing ownership, whether it nominates members to the Board in the future, and whether subsequent trades are investment-focused or strategic. The governance impact would likely change materially if ownership moves toward the 10–15% range.
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