Abbank BCTN 2010 Tienganh PDF

TABLE OF CONTENT
04
Vision and Mission
06
Chairmans message
08
CEO s message
10
Corporate profile
16
Report of the Board of Directors
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Report of the Board of Management
39
Affiliated Companies
40
Information about Shareholders and Corporate Governance
46
Organization and Human resources
54
Highlights of 2010
56
Financial statements
76
Branch/Sub-Branch Network
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VISION
An Binh Bank (ABBANK) is heading toward a leading commercial bank in Vietnam, operating
in the model of retail bank with the focus on retailing banking and adoption of the best
international practice, extensive application of advanced, modern technologies with ability to
compete with other local and foreign banks operating in Vietnam.
MISSION
Serving customers with safe, efficient, and flexible products and services;
Increasing benefits for shareholders;
Moving towards the comprehensive and sustainable development of the bank;
Investing in the human resources as the basis for long-term development.
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CHAIRMANS MESSAGE
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Annual Report 2010
Ladies and gentlemen,

2010 was the year of global and domestic economic
difficulty due to financial crisis and economic depression;
however, Vietnams economy has overcome the decline,
made gradual recovery, and gained relatively growth.
The GDP growth rate of 2010 is 6.78%, representing an
increase of 6.5% compared with the target.
Despite the re-launched of economic growth, the
uncertainty of the world economy indirectly impacts
on Vietnam negatively. The incomplete recovery of
real estate, securities markets and fluctuations of
gold, USD price resulted in specific difficulties for the
banking operations.
Moreover, the rapid increase in the scale of the banking
network and more comprehensive participation
of foreign banks lead to more and more fierce
competition among the credit institutions.
The standards on financial capacity and some safety
indicators in banking operation was applied in the
direction of ensuring more safety and meeting
the international standard. To achieve these new
standards, the banks need to improve their financial
capacity, risk management system and business
policy system
These factors create challenges to the banking sector
in the difficulties of currency and finance market;
however, the needs to meet new standards will be the
important factor for the stable development in 2011.
Understanding this, ABBANK's Board of Directors
established the development plan from now till 2016
and vision to 2020. By flexible policies in business
orientation, structure consolidation, improvement
of management capacity and risk management,
ABBANK gained success in ensuring the relatively
high growth rate of 35-40% for the bank.
2010 continues to be an effective year of ABBANK
with the business output exceeding the target
proposed by Board of Directors. By 31 December
2010, ABBANK had the total assets of VND 38,000
billion; chartered capital of VND 3,831 billion; and
115 branches/ sub-branches located in 29 provinces

and cities throughout the country.
A big achievement to be mentioned is the successful
issue of VND 600 billion of convertible bond with the
term of 24 months and VND 390 billion of ordinary
bond with the term of 24 months to two investors
including IFC and Maybank. This issue of above bonds
is highly appreciated in the unfavorable market
condition of 2010 and the milestone during the
development of ABBANK.
For 2011, with the continual promotion of these
achievements, ABBANKs Board of Directors believed
the flexible macro-economic policies; efficient
management of the Government and the State Bank
shall effectively promote Vietnam economy, shall
overcome difficulties and develop stability. ABBANK
has developed specific action plans in continuing to
enhance close cooperation with strategic partners,
and establishing relationships with partners, domestic
and foreign customers in many aspects to develop
business and enhance the service quality and be ready
to cope with challenges.
The Board of Directors, Management and staff of
ABBANK committed its solidarity and efforts in moving
forward towards the target of establishing ABBANK
to be a leading commercial bank in Vietnam, adding
value to the shareholders and positively making its
contribution to the development of the country.
On behalf of Board of Directors, I would like to
extend our gratitude to the Shareholders, Customers
and Partners for their cooperation and support to
ABBANK.
Wishing everyone good health, happiness and
ess./.
success./.
Vu Van Tien
Chairman
Annual Report 2010
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CEOS MESSAGE
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Ladies and gentlemen,

2010 is a year of challenges for banking sector because
of slow recovery from the global financial crisis. The
bank has to cope with pressure in capital mobilization,
increasing charter capital, interest rate and exchange
rate fluctuation.
The credit growth of 2010 was 27.65%, exceeding
the initial target of 25%; however, the growth is not
even. Moreover, tightening money policies to control
inflation and improve operational safety caused much
impact on the operation of banks.
The slow recovery of the market is a factor leading
to difficulties faced by the enterprise, since the large
output and capital cost makes the banks caution in
the development of loan activity.
However, with orientation of sustainable growth,
flexible management in line with the market situation,
ABBANK managed to achieve and exceed most of the
business targets in 2010:
- Chartered capital reached VND 3,831 billion, an increase
of 10% compared with 2009.
- Total assets was equal to 103% of the plan and increased
nearly 44% against 2009;
- Total mobilization increased 73% against 2009.
- Total outstanding was 5.4% than the annual target,
representing an increase of 55.4% against 2009.
- The pre-tax profit was VND 638 billion, representing
110% of the target and increase of 54.5% compared
to 2009.
Especially, at the end of 2010, ABBANK was successful
in increasing chartered capital to VND 3,831 billion
and issuing convertible bonds to IFC and MayBank
(Malaysia). The participation of large and prestigious
financial organizations expressed their high
evaluation on the operation and developing potential
of ABBANK.
This achievement can be attributable to the active
support of foreign strategic shareholder - Maybank
and domestic strategic shareholder - EVN to ABBANK
in the aspects such as capital source, customer
relationship; product and network development;
risk management; improvement of management
capacity; training and contributing to improving

the prestige of ABBANK.
ABBANK is proud that this success does not only
result from the external factors but also the internal
force. The bank had to make continual strive in the
recent years to achieve better business output and
risk management system, reduction in bad debt,
qualified human resource that is capable to take
over new development with good relationship with
partners and investors All of these help to attract
the practical investment from big investors such as
IFC and Maybank.
This success enables ABBANK to have more capital to
invest in business and development; and to increase
the chartered capital and ownership capital on the
roadmap to 2013. On this basis, I believe that ABBANK
will gain great growth towards the target of top 10
commercial banks in Vietnam.
On behalf of ABBANK Board of Management, I would like
to extend my gratitude to the instruction of the Board of
Directors, the cooperation of shareholders, customers
and the efforts of all the staffs in the past year.
With the specific targets of 2011, which were approved
by Board of Directors in the overall development
plan till 2016, Board of Management and the staff of
ABBANK are now ready to take on new challenges
and new opportunities. We strongly believe that
with the support and trust of partners, customers
and shareholders, ABBANK shall continue to reap
powerful and stable development, contributing to
the general development of Financial Sector, the
success of customers, shareholders, and become one
of the banks with high prestige in Vietnam.
Wishing you good health, happiness and success!
Sincerely,
Trn Thanh Hoa

CEO of ABBANK
Annual Report 2010
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HISTORY OF OPERATION
IMPORTANT EVENTS
ESTABLISHMENT
An Binh Commercial Joint Stock Bank (ABBANK) was established under the license No. 535/GP-UB
issued by Peoples Committee of Ho Chi Minh city dated 13 May 1993.
MILESTONES OF DEVELOPMENT
2002
In order to meet the increasing demand

of the customers, ABBANK conducted a
strong reform of structure and human
resources to focus on professional
business of commercial bank.
2004
ABBANK increased the chartered capital

to VND 70.04 billion.
2005
Electricity of Vietnam (EVN) became a

strategic shareholder of ABBANK. Other
major shareholders including: PetroVietnam
Finance Corporation (PVFC) , Hanoi General
Export Import Corporation (GELEXIMCO).
2006
The chartered capital was increased

from VND 165 billion in the beginning of
the year to VND 1,131 billion at the end
of the year.
2007
- ABBANK signed the strategic cooperation with Agribank and other affiliates
and subsidiaries of EVN such as: PC1,
PC2, PC3
- ABBANK became a member of PAYNET.
Also, the chartered capital of ABBANK
increased to VND 2,300 billion.
2008
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- ABBANK successfully deployed the core

banking system in the operation.
- Maybank officially became the foreign
strategic partner of ABBANK with the
ownership of 15%.
- ABBANK increased the chartered
capital to VND 2,705 billion.
2009
2010
- ABBANK announced the cooperation

with PrudentialVN and Deutsche bank.
- In July 2009, ABBANK officially
increased the chartered capital to
VND 2,850 billion.
- In September 2009, ABBANK officially
relocated the new Head Office at 170
Hai Ba Trung, Da Kao Ward, District 1 and
extended the business hours at HCMC
main branch.
- In December 2009, ABBANK officially
increased the chartered capital to VND
3,482 billion.
- In December 2010, ABBANK increased
the chartered capital to VND 3,831
billion dongs.
- ABBANK successfully issued 600,000
convertible bonds and 390,000 ordinary
bonds for the International Financial
Company (IFC) and Maybank.
- ABBANK network included 115 transaction sites covering 29 provinces and
cities in the country.
- ABBANK successfully connected to VNBC
network system via Smartlink.
- ABBANK established Small and Medium
Size Enterprise Supporting Center (SMEs)
and participated in Small Size Enterprise
Funding Project, phase III (SMEFP III).
- In January 2010, ABBANK and Vietnam
Post (VNPost) signed the electricity
bill collection service through posting
network.
- ABBANK continued to expand cooperation with domestic and foreign partners
including EVN SPC, Prevoir VN
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AWARDS
Most popular brand Vietnam

granted by Sai Gon Liberation Magazine.
Well-known marks national competition
granted by Intellectual Properaty Department
for 03 consecutive years 2008, 2009, 2010.
Top 1000 biggest taxing entities in Vietnam
announced by VietNamNet in cooperation
with Tax Magazine Tax General Department.
Excellent international
electronic payment banker
elected by WellsFargo and Citibank.
The two most prestigious banks in 2010.
Powerful brand in Vietnam
elected by Vietnam Economic Time
in cooperation with VCCI
(Ministry of Industry and Trade) in 2010.
Most popular commercial service bank
Top Trade Services in 2009, 2010 granted
by Ministry of Industry and Trade.
Golden Trademark 2009
voted by Vietnam Association of Anti-counterfeiting
and Trademark Protection in cooperation
with Ministry of Industry and Trade.
Excellent trade finance service bank
of 2007 and 2008
granted by Wachovia Bank.
Gold cup for leading Retailer in Vietnam 2008
granted by Vietnam Association
of Intellectual Property.
Famous Trademark in Vietnam 2008
granted by VCCI and Nielsen.
Gold Globe Award the Best Banker
for fast development of hi-tech service product:
granted by Organization Board of Finance
Banking Insurance Fair Banking Expo 2007.
The best issuing entity of
domestic currency company bond in Asia
elected by Asia Money Magazine.
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Annual Report 2010
BUSINESS HIGHTLIGHTS
BUSINESS LINES:
Mobilizing capital with short term, medium
term under the deposit with definite term,
certificate of deposit, receipt of entrusting
capital for investment and development of the
entities; loaning capital of the StateBank and
other credit institutions; providing short term,
medium term, long term loan for purpose
of rural development; negotiation of bill of
exchange, bond and other valuable papers;
investment and joint venture; providing
payment service among banker.
OPERATION:
In the commercial bank system of Vietnam,
ABBANK makes a long progress to be upgraded
from a rural-scale bank to urban-scale bank
after 5 years of operation. Currently, ABBANK
has become a prestigious and familiar bank
to more than 10,000 customers as entities
and 100,000 customers as individuals at 29
provinces and cities in the whole country
through 115 branches/sub-branches.
With support from the domestic strategic
shareholder as EVN and the experience share
about the professional management model
of foreign strategic partner as Maybank,
ABBANK developed a development plan till
2016 with relatively high average growth rate
of 35-40%/year.
customers are satisfied with not only the

product diversification and flexibility, but also
the friendly and professional services.
In the last year, ABBANK enhanced cooperation

with big domestic and foreign partners such
as Agribank, VNPost, Prudential VN, Deutsche
bank, EVN SPC, Prevoir VN, VNPost, Viettel in
order to expand range of services.
Currently, targeted customers of ABBANK

include enterprises, individuals, investment
and electricity customers and member
entities. For each customer group, ABBANK
always makes investment in research and
development of the service products which
will bring great benefits and meet the demand
of customers.
With the slogan "Provide to solution - Receive

the smile", ABBANK stands out in the market
becoming a friendly retail bank. ABBANK takes
the customer needs and satisfaction as the core
element of all business activities. At ABBANK,
For corporate customer, ABBANK will provide

package-banking services including loan,
guarantee, import and export funding,
account product, international payment
services Service products of ABBANK are
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BUSINESS HIGHTLIGHTS
varied for all types of customers including

SMEs, strong enterprises in top VNR500... at
privilege interest with enclosed utility services.
For individual customer, ABBANK provides full
range of saving, credit and service products
such as collateral consumption loan; credit
loan, loans for house and land purchase and
house build and repair, loan for business,
loan for working capital increase, loan for
car purchase, loan for overseas study and
international and domestic payment and
remittances. In order to increase benefits
for customers, ABBANK is cooperating with
prestigious insurance companies to develop
key loan products plus life insurance.
Regarding to payment card, YOUcard
product of ABBANK - the first card which is
widely accepted at all ATM/POS of the banks
nationwide held a specific position in the card
service market. After the successful launch
of YOUcard VISA debit in 2009, ABBANK, in
2010, continued to concentrated investment
in modern technological system, research
to complete and improve the service quality
and functions of YOUcard: card-based salary
payment; electricity bill payment service, tele-
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Annual Report 2010
communication bill payment service; SMS

banking; VnTopup
For investor customer, ABBANK provides
the services of entrusting and investment
consulting to company and individual
customers. Especially for the customer as
company, ABBANK provides additional
services such as financial consulting
services, consulting services in issuing and
guaranteeing the bond, payment agency for
issuing the bond.
For EVN related companies with advantage
of understanding the power industry and
the customer, ABBANK has developed
many optimal products for electricity
customers: collection of electricity bill, the
cash flow management, financing electricity
transmission projects Especially for
electricity bill collection, ABBANK tries to
diversify payment channels such as ATM,
POS of ABBANK or collection counter of
EVN, or VNPost that was deployed in 2010.
This service is first implemented in Binh
Duong and Southern provinces and aims at
expanding to the nationwide scale in 2011.
ORIENTATION OF DEVELOPMENT
TARGET OF 2011
In 2011, ABBANK strives to maintain the assets growth rate of 26%, continues the development in
the direction of a Universal banking, focusing on retail banking with diligent and friendly service
and customer care as key. ABBANK is aiming at high growth but ensuring safety and sustainability,
ensuring the profitability for shareholders, customers, staffs, and the social community.
THE DETAILED PLAN IN 2011:

o Total assets increase 26% compared to 2010, reaching to VND 48,000 billion.
o Chartered capital: VND 4,200 billion.
o Profit before tax increases 4% compared to 2010, representing nearly VND 664 billion.
o Total mobilization increases 32% compared to 2010, reaching to VND 34,160 billion.
o Total outstanding loans increases 20% compared to 2010, reaching to VND 24,000 billion.
o The net income from the services accounts for 12% of the total net income.
3.2 MEDIUM AND LONG TERM DEVELOPMENT STRATEGIES

Making ABBANK Top 10 in Vietnam in terms of total assets
Increasing value for shareholders
Improving customer service, bringing bank to the public
Creating the prosperity and meeting the development demand of the employees
Contributing to the development of the community and society
Annual Report 2010
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REPORT OF THE BOARD OF DIRECTORS

GENERAL HIGHLIGHTS
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By the end of the financial year 2010, ABBANK completed 2

major plans of the year including:
1. The business results reached 100% as compared with the
initial plan approved by the General Shareholder Meeting.
With the endless strive and instruction of the Board of
Directors, ABBANK maintained safe operations, strengthened
the operating capacity, and achieved recognizable results.
Specifically, profit before tax reached 638 billion, representing
an increase of 54.5% as compared with 2009.
2. Despite many difficulties in market and economic
uncertainty in 2010, ABBANK successfully implemented
convertible bond issuance project after 9 months of partner
selection, negotiation and cooperation with IFC and
Maybank.
In this project, ABBANK successfully issued 600,000 convertible
bonds of 24-month period with the total issue value of VND
600 billion. IFC purchased 480,000 bonds with the value of
VND 480 billion; while Maybank purchased 120,000 bonds at
the value of VND 120 billion.
The investment in convertible bonds aimed at the purpose
that by the end of 2010, IFC would become the key
shareholder holding 10% of the chartered capital while
Maybank maintained at the 20% of the chartered capital of
ABBANK.
In addition, ABBANK issued VND 390 billion of bond of
24-month term, in which IFC purchased the VND 312 billion
and Maybank purchased VND 78 billion at par value. As
agreed with investors, these long-term bonds would become
the equity surplus of ABBANK once converting 480,000
convertible bonds into ordinary shares.
It is possible to say that ABBANK is one of few joint-stock
bank to successfully invite foreign shareholders.
Annual Report 2010
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REPORT OF THE BOARD OF DIRECTORS
PERFORMANCE AGAINST BUDGET:

In 2010, ABBANK achieved most of the budgets of the year. Financial indicators showed
increasing growth through the years
2006
2007
2008
2006
3,113
17,174
3,482
2009
26,518
38,000
VND billion
3,831
2010
TOTAL ASSETS
VND billion
CHARTERED CAPITAL
1,131
2006
1,888
2007
6,858
2007
6,981
2008
6,538
2008
7,245
2009
2010
12,883
2009
20,019
OUTSTANDING LOAN
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2,705
2008
2010
2006
2,300
2007
13,494
2009
1,131
Annual Report 2010
VND billion
2010
15,001
25,952
DEPOSIT
VND billion
DEVELOPMENT PROSPECT IN 2011

2011 is the year in which Law on Credit
Organizations becomes effective, stipulating
the significant changes related to many
banking activities including organizing,
management, administration, credit limits,
investment The application of new
regulation is a challenge to the banks to
meet the legal regulations and ensure the
growth and effectiveness objectives.
In 2011, the limits in VND mobilization
will be removed for foreign banks in
compliance with WTO commitment. The
banks will continue to expand the network
and develop operational scale. The capital
increase will lead to more fierce competition
in the financial and currency market.
Generally, the active economic factors will
be more obvious in 2010; however, the
economy will face with some difficulties
and challenges requiring the bank to
propose proper strategies, forecast and
practical management in cooperation with
the strengthening of financial capacity,
management capacity, risk management to
cope with possible risks.
The development prospect of ABBANK in

2011 depends on the three main factors
including the worlds and Vietnams
economic situation, internal force and
macro-economic policy as well as the
direction of the government.
It is possible to say that the development
prospect and potential of the industry
in 2011 and following years are huge;
however, competing factors will be more
and more aggressive with the participation
of large foreign financial institutions. Other
factors such as new legal requirements and
unexpected changes in interest rate and
exchange rate should be concerned.
Development trend of banking sector in 2011,
including ABBANK, will focus on investment in
technology to develop retail-banking service
with many utility and modern service products.
Cooperation with partners will be extended
to diversify business operations. Moreover,
the banks must enhance risk management in
compliance with international norms to avoid
crisis.
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REPORT OF THE BOARD OF MANAGEMENT

2010 BUSINESS REVIEW:
In 2010, Vietnams economy experienced a difficult year with

low competitiveness, excess of import, unstable money value,
high liabilities, high consumption and inflation index,
resulting in the decrease of trust from investors and donors in
the market.
In addition to subjective factor, ABBANK faced many internal
difficulties in business operation; however, with great
determination, the bank focused on the settlement of problems
and reached the destination to get the business result of
100% of the initial plan approved by the General Shareholder
Meeting.
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2010 BUSINESS REVIEW
CAPITAL MOBILIZATION
mobilization from economic organizations.
The complicated situation of the capital

market and the fierce competition among
the commercial bank made the capital
mobilization difficult in 2010.
The total capital mobilization from economic

organizations reached VND16,332.9 at the end
of 2010, equal to an increase of 79% as compared
to 2009. The number of corporate customers
opening payment reached 10,621 representing
an increase of 42.3% against the same period of
the previous year.
Despite difficulties, the capital mobilization

from the customer in the whole of ABBANK
system gained relatively good growth
with VND 25,952.2 billion, representing an
increase of 73% against the same period of
2009. In which, capital mobilization from
economic organizations and individuals was
VNN 16,332.9 billion and VND 9,619.3 billion,
respectively.
This result is due to the trust and support
of all customers, partners, shareholders and
young, active, creative and qualified staffs.
Individual segment:
Many services were developed and deployed
to improve the individual service list of ABBANK
in 2010 including electricity bill, telephone
bill, remittance, Western Union, Internet
Banking, SMS Banking, VnTopup Together
with continual promotion program to maintain
the liquidity of the bank, ABBANK developed
VIP customer service and loyal friendly policy
to tighten the relationship between the bank
and customers.
Corporate segment:
Together with the growth in scale and professional
sales staff, ABBANK gained growth in capital
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Last year, ABBANK cooperated with the units

to organize big events such as Customer
Gratitude Golden Week, Prevoir Insurance
Package given to the corporate management
board, tourism coupon presenting This
contributed to promote the relationship
between the customers and ABBANK.
In addition, ABBANK successfully deployed SMS
Banking, the phase II of Internet Banking with
transferring function, the upgrade of Core Banking
system to create ground for the deployment of
technological service products such as Payroll,
dividend payment, host to host, improving
the utilities in ABBANK products, services to
customers.
CREDIT
The year 2010 continued to show the regular
growth in credit operation of ABBANK,
contributing to the growth in revenue and
profit. The credit growth of ABBANK is based
on the application and compliance with
the international practices, standards and
regulations on credit safety of Vietnam.
With the business strategy aiming at the
profit of customers, ABBANK strived to make
the most mobilization of all resources to
meet requirements of customers. The bank

never stopped improving the service quality,
pushing the time of record settlement,
guaranty issue and trade finance In addition,
ABBANK enhanced associating cooperation
with partners to create the diversity, flexibility
for each type of product. Therefore, the bank
has gained excellent growth and development
in 2010.
Till December 31, 2010, total outstanding
loan of ABBANK was VND 20,018.7 billion,
equal to 105.4% of the year budget, and
exceeding 55.4% as compared with 2009, of
which, individual customers accounted for
VND 5,592.9 billion and enterprise customers
accounted for VND 14,425.8 billion.
Outstanding loan structure:
highlight in 2010 is the short-term objective

of ABBANK to reach out to big enterprises in
Top VNR500 to increase the total assets and
demonstrate its capacity, prestige in Vietnams
financial and banking market. Upon 9 months
of deploying Top VNR500 corporate customer
program, ABBANK attracted 53 new corporate
customers to make the number of 117
customers among 400 corporations in VNR500
carrying out transactions through ABBANK
by 31 December 2010 (excluding those out of
finance-banking sector).
In addition, ABBANK opened SME Consulting
and Funding Center located in central HCM city.
Moreover, ABBANK is one of the three banks
selected to participate in SME Funding Project,
Phase III in accordance to the loan agreement
signed between the Vietnamese Government
and JICA, Japan.
Unit: VND billion

Term
Amount
Short term
13,065.1
Medium term
2,875.7
Long term
4,077.9
Total
20,018.7
In terms of lending term, the total short-term

outstanding loan accounted for 65.3 % of
the total credit outstanding; while mediumterm outstanding loan 14.4% and long-term
outstanding 20.4%.
ABBANK identified the long-term development
strategy as the model of retail bank with
traditional customers such as SMEs, electricity
contractors. However, a new and remarkable
TRADE FINANCE AND RELATION WITH

OTHER FINANCIAL INSTITUTIONS
Last year, ABBANK trade finance was well
developed, gaining trust of customers and
agent banks with following achievements:
- The standardization level is high and granted
with Excellent International Bank Award by
Wells Fargo Bank, CitiBank.
- Basic and intensive professional trainings
were carried out for all branches, improving the
service quality and developing international
payment service to all branches/sub-branches.
- Professional process, standardization, and
transaction safety were completed.
- Trade Sales staff was standardized with active,
professional working style, contributing to the
Annual Report 2010
strong growth in trade service turn-over in the

system.
- Agent network was expanded to 405 banks
in 62 nations and regions.
- The turn-over was $883 million, exceeding
21% of the plan and increasing 104% as
compared with 2009.
- The collected service fee was $3.5 million,
exceeding 236% as compared with the plan
and increasing 120% compared with 2009.
ABBANK Trade Service Center proposes the
development orientations for 2011 as follows:
a. Trade Service
- The turn-over and service fee increased by
40% as compared with 2010.
- The standardization rate was maintained at
above 95%.
- Diverse, package, utility products were
introduced with price and quality
competitiveness.
- The products were designed in accordance
to the business demand, regional features,
industry features in the direction of making
use of technology (for corporate customer).
- Moreover, professional mechanism was
combined with monitoring and testing
methods to ensure safety and effectiveness
in professional development.
- Professional training was organized on the
basis of cooperating with training center to
improve professional quality in trade service
for officers.
- HR Department was cooperated to organize
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professional test by regions, titles, and officer

category in the whole system.
b. Relation with other financial institutions:

- The agency relation was established with 450
banks globally (20% increase compared with
2010).
- New products offered by agency banks were
exploited to apply to branches in the system.
Moreover, derivative products and importexport funding were promoted for foreign
banks.
INVESTMENT
With the objective of sustainable development
that was determined in the business strategy
of ABBANK in the beginning of 2010, risk
management factor is always considered as
the most importance during the business
operation of ABBANK including financial
investment.
On this basis, 2010 is considered as the change
from short-term investment status into
long-term investment, which expresses the
strategic vision in development of the Bank
in the following years. With the orientation
as a multi-disciplinary financial organization
operating around the operations of a retail
bank, financial investment of ABBANK focuses
on the resources for developing associating
units, subsidiaries, strategic partners for the
common interest of the whole group including
An Binh Land, An Binh Securities, An Binh
Fund and An Binh Bank Assets Management
Company and other relevant sectors such as
investments in Electricity Financial Company,
PCB Company (private credit information),

to optimize the benefits for ABBANK and to
establish financial product lists in order to
better meet the customers demand.
throughout Vietnam. The turn-over of new

card issuance was approximately 67,000 cards
by 31 December 2010, equal to 113% of the
target.
In 2010, Investment of ABBANK brought

invisible values for the An Binh Financial Group
with the profit of about VND 30 billion. This
was the year that was assessed as the most
difficulty for investment.
With the norm to increase customer satisfaction,

ABBANK continuously implemented the
programs to encourage customers to use
YOUcard and Visa debit. These programs
contributed to increase the number of new
issued cards and international payment cards.
CARD SYTEM DEVELOPMENT
To improve the value of card products and

services, ABBANK made comprehensive
investment in Card Management System
(CMS) and Switching Smart Vista of Banking
Product Center (BPC) of Russia. This is the most
prestigious group in bank card solution in the
world. The project was deployed by BPC Group
2010 was the year marking the strong

development of ABBANK card products
and services. The successful connection of
ABBANK to 3 networks including Banknet,
Smartlink and VNBC increased the number of
ATMs accepting YOUcard to more than 9,000
Annual Report 2010
25
and CMC Group in cooperation with ABBANK,

which is expected to complete for operation in
January 2011.
Smart Vista is a comprehensive solution that is
built on the background of flexible technology,
centralized management and high security
in compliance with IPS, PCI DSS and SEPA
standards. This solution enabled ABBANK to
develop card product into stressed personal
service, meeting high demand of customers
with the commitment to launch Visa Card in
accordance with EMV standard in 2011.
COREBANKING
In 2010, Core banking continued to complete
the functions of T24 system that would
effectively support the operations of the Bank.
Many new applications were established,
contributing to automate transactions for
professional sector, enhancing work effectiveness and quality in the bank as well as
customer services. Automatic loan input tools
such as YouT+2, YouT+3 were implemented in
new mode with rapid and accurate alteration
in loan parameters.
Reporting system of the whole professional
sector was completed and developed with
systematic feature and high accuracy to meet
reporting demand for banking operations. It
is possible to produce reports of professional
sector in the bank such as document
listing by date of each transaction officer;
international guaranty, loan statement by
customer, credit statement guaranty asset
statement, income statement from corporate
customers Corebanking center completed
26
Annual Report 2010
the requirements for report change from the

Statebank such as Goods-out report, report on
lending and loan repayment of international
payment, CIC reports
The standard regulations on data input in
T24 was developed specifically, ensuring
requirements of the Statebank and satisfying
management tasks such as coding of goods
and transactions in international payment,
sub-grouping of careers and lending purposes
from 20 types to more than 300 types; norms
on credit-guaranty asset data input; readjustment of debt group classification and
challenging period in accordance to Decision
No. 18 of the Statebank.
In order to introduce new competitive
products, Corebanking Center cooperated
with other Divisions, Departments to
successfully deploy digitalization and
diversification of products on T24 such as
overdraft product for individual customer,
adjustment of term and interest of intelligent
savings, accumulating savings; complete
new product research in the near future
such as gold credit product, loan by Rural
Financial Project II, SMEFP III loan Other
applications such as LIMIT were diversified
for each type of currency and other types of
payment (LC ).
In addition, Corebanking Center well implemented new staff support and training with
the use of T24 system and aiding in daily data
input to the system to ensure the accuracy of
date without any mistake.
Corebanking Center made big contribution
to the success of the modern applications in
banking operation such as the completion

of phase II of Internet Banking (enabling the
account transfer), construction of connection
portal with VNPAY that implements TOPUP for
mobile phone, creation of connection portal
with MService deploying electronic pocket
via mobile; creation of connection portal with
VNPOST for electricity charge payment via the
post office of VNPOST.
INFORMATION AND TECHNOLOGY

ABBANK Information Technology Center
(ITC) successfully achieved the indicators
of 2010 in three aspects including
infrastructure, application development and
human resource training.
In term of infrastructure, ITC mobilized all
the equipments, system to Data Center and
upgraded infrastructure of the data center.
Last year, ABBANK invested in modern
infrastructure for card system; upgraded
server and storing system for Core-Banking.
Moreover, ITC completed the stage 1 in threestate project on information security and
safety.
Especially, in application development, ITC
completed the construction of website
portal for transaction officer/teller, Individual
Customer Division and Risk Management
Division. Applications for internal operation
such as Credit Approving system for Corporate
Customer Sector, security pledge management
system and other internal applications including
dialing, online competition, report management
for Securities Exchange Another success
of ABBANK ITC was the complete upgrade of
ABBANK-ABS, SMS gateway (for SMS-banking);

upgrade and completion of new featues on
lending management application (individual
customers); credit grading; development
of applications connecting with M-Service
partners
In term of staff training, ITC carried out
comprehensive straining for the whole Center
on three areas including technical specialty,
technological/project management and
software skills.
STRATEGIC COOPERATION
Cooperation with EVN
In the 5 years of strategic cooperation with
Electricity of Vietnam (EVN), ABBANK always
keeps and promotes the strategic point of
view that the bank goes along with Vietnam
electricity industry. ABBANK continuously
developed new products to meet the
highest demand of EVN, member entities,
associate entities as well as power project
contractors. This cooperation relation has
been comprehensively expressed in all
business aspects of the bank including
capital, credit, collection payment service,
financial investment, trademark promotion,
electricity charge payment card, payment of
telecommunication charge
- In terms of credit: ABBANK committed to
fund VND 2,500 billion of credit to power
distributions and transmission companies.
Power contractor product, a typical product of
ABBANK, has been serving equipment Supply
Company, Execution Company, and service
Supply Company for power production.
Annual Report 2010
27
ABBANK will continue the cooperation with

EVN related entities to expand the post-based
electricity bill collection service nationwide.
- Financial investment: By 2010, ABBANK
became shareholder of the entities under
ENV system including EVNFinance, EVN
International, PC3 invest, Pha Lai ThermalPower Company. This is a good opportunity to
promote the close relationship and to exploit
the advantages of ABBANK and EVN.
The cooperation does not only stop at business
activities but expands to communication,
promotion to improve the image of ABBANK
in the financial market.
- In terms of capital source: With the strength

of 115 branches and sub-branches nationwide and the close link with EVN and associate members, ABBANK provided account
management service for EVN related entities
to ensure effective management of money
flow and mobilize non-term capital source of
thousands of billion dongs per month in
ABBANK system.
- Electricity bill collecting service: ABBANK
continuously diversified electricity and telecommunication bill payment to create the most
favorable conditions for power consumers. In
addition to the bill collection at sub-branches,
via ATM and POS of ABBANK, and the collection
counters of EVN, ABBANK deployed, in 2010,
the new mode of electricity bill collection via
tele-communication network based on the
cooperation with EVN IT and VNPost. Also
in 2010, electricity bill collection via posting
network was widely applied in the southern
provinces in cooperation with SPC. In 2011,
Annual Report 2010
EVN - ABBANK cooperative relation has gained

big success in 2010 and expanded new
cooperative potential and opportunities in
2010.
Cooperation with IFC

IFC, a member of the World Bank group, is the
largest global development organization in
supporting the private sector in developing
countries. IFC always seeks partnership with
banks that can best support the development
of private sector and play important role in
promoting the growth and bringing business
opportunities, creating many new jobs and
increasing life standard for the society. Since 2009,
IFC and ABBANK has entered cooperation in
following programs:
- Financial Funding program since 2009 with
the current budget of $50 million within the
framework of the Global Trading Fund Program
of IFC.
- Agreement on consulting cooperation in

developing banking service for small and
medium size enterprises signed in June 2010,
which is implemented actively.
- Currently, IFC is supporting ABBANK to
develop products for SMEs, long-term loan
to deploy Energy Saving Fund program, and
additional entrusting capital source for import
and export customers.
By the end of December 2010, ABBANK
successfully issued 600,000 convertible bonds
of 24 month term, in which IFC bought 480
billion bonds to possess 10% of chartered
capital after the conversion. IFC also acquitted
312 billion ordinary bonds from ABBANK.
Moreover, IFC will continue the support
to ABBANK to improve the capacity in
management, compliance monitoring and
product diversification.
It is expected that IFC will sign the loan of $25
million to ABBANK in the first quarter of 2011.
Cooperation with Maybank

In the past two years, Maybank has supported
and cooperated with ABBANK in the following
areas:
Providing a trade line of USD 22 million for
ABBANK and co-financing for clients.
Assign an expert to the position of CRO
of ABBANK to help in developing risk
management frame work, training for
market risk and operational risk.
Support on operations: MIS, documents
on organizational structure, process/
procedures, budget templates, IT and
Code of ethics.
Assist in enhancing capabilities in FX trading.
In December 2010, Maybank invested in the
Convertible and Straight Bonds issued by ABBANK,
demonstrating its long-term commitment to the
bank as a strategic partner. Maybank commits to
support ABBANK in risk management enhancing,
corporate governance, HR training and IT
development advisory.
RISK MANAGEMENT
Similar to 2009, in 2010 An Binh Bank (ABBANK)
continues to adopt a strong risk management
approach to ensure the overall financial
soundness and stability of the banks operating
business model. Key components of our risk
management framework include a structured
risk governance model, incorporating a strong
Board and Senior Management oversight,
comprehensive assessment of material risks,
a rigorous system of check and balance
reviews, regular monitoring and reporting
and independent reviews by internal auditors,
external auditors and the relevant supervisory
authorities.
Moving forward, the bank will continue to invest
extensively to ensure that comprehensive
risk management policies, tools and systems
infrastructure are established for systematic
identification, measurement, monitoring and
control of all materials risks faced by the bank.
The vision shall ensure that a sound risk and
control culture remains embedded at all levels
in our business model even as the banking
industry evolves in a dynamic manner.
Annual Report 2010
29
Risk governance structure:

The bank views that strong risk governance
is essential as the foundation for successful
risk management.
In line with the State Bank of Vietnams
guidelines on corporate governance, the
Board of Directors provide overall risk
oversight responsibility and is actively
assisted by the following Board and
Management risk committees :
Supervisory Board
Executive Risk Committee (ERC)
Asset & Liability Management Committee
(ALCO)
Credit Committee (CC)
The ERC is a dedicated executive level risk
committee to review all risk areas with the
exception of market and liquidity risks which
remain under the purview of the ALCO. The
Credit Committee formed at the executive
level to review and provide decisions on credit
loans proposals.
A. CREDIT RISK DEFINITION

Credit risk arises as a result of customers or
counter-parties not being able to or willing
to fulfill their financial and contractual
obligations as and when they fall due. These
obligations arise from lending, trade finance
and other activities undertaken by the bank.
Risk Awareness programs are conducted

regularly to create a risk aware culture and
empower staff with the capability to identify
and manage credit risks more effectively.
Selection and training of lending personnel is
considered a key process in the management of
credit risk. Newly appointed lending personnel
are required to undergo comprehensive credit
training programmes.
The banks credit approving process
encompasses pre-approval evaluation and
approval evaluation. While business units
are responsible for credit origination, the
credit approval function rests mainly with the
Chief Credit Officer (CCO)/Director of Credit
Management, who is independent from the
business units. The CCO sits in the Credit
Committee which serves as the executive
forum for discussion of and decision on
business loans.
For credit risk oversight, the Credit Risk
Management (CRM) is responsible for
developing , enhancing and communicating
an efficient, effective and consistent credit
risk management framework , leveraging on
people, process and technology. This is to
ensure that the bank has in place appropriate
credit policies to identify, measure, control and
monitor such risks.
CRM also identifies credit risk in the new product
sign off process and ensures new products (prior
to marketing) are acceptable from a credit risk
management perspective. Approval by ERC is
required prior to product launch .
CREDIT RISK IDENTIFICATION FRAMEWORK

The bank places strong emphasis in creating
and enhancing credit risk awareness among
all lending personnel within the bank. Credit
30
Annual Report 2010
MANAGEMENT OF CREDIT RISK

Credit risks are assessed by business units
and approved by an independent party from

Credit Management. Each customer will be
assigned a credit rating. The rating is based on
the assessment of relevant factors including
customers financial position and conduct of
his account with the bank.
Reviews are conducted at least once every
six months with updated information on
customers financial position, market position
and conduct of account. Corrective actions
are taken should the account shows signs of
credit deterioration.
To manage large exposures, the bank
has in place, among others, the following
concentration limits and related lending
guidelines to avoid undue concentration of
credit risks in its loan portfolio:
Business segments
Economic sectors
B.MARKET RISK AND LIQUIDITY

RISK DEFINITIONS
Market risk is defined as the risk of potential
losses in earnings arising from movements in
market prices and their respective correlations
and volatilities. Major market risks are price
risk (trading risk) and interest rate risk.
Price risk (trading risk) is the risk to earnings
as a result of adverse changes in the foreign
exchange risk, credit spread, equity and others
on the banks trading and client activities. The
interest rate risk is defined as the exposure
of the banks financial condition to adverse
movements in interest rates.
Liquidity risk is the risk that the bank is not able
to obtain funds to meet its financial obligations
when due. Liquidity risk could also arise due
to adverse market movements, which hinders
the ability of a market participant to withdraw
or hedge their positions.
Single customer Groups

Collaterals
To manage vulnerable credits, there are
dedicated teams comprising Work Out
Department at Head Office. Special attention
is given with more frequent and intensive
review and reporting in order to accelerate
remedial action.
A dedicated Credit Portfolio team in Credit Risk
Management designs strategies to achieve a
desired ideal portfolio risk tolerance level and
prepares regular credit risk reports which are
submitted to the ERC as part of the on-going
monitoring and review of borrowers and loan
portfolios.
MANAGEMENT OF MARKET AND

LIQUIDITY RISKS
The Asset & Liability Management Committee
(ALCO) is the management-level committee
which supports the board of directors in
the oversight of market and liquidity risk
management. The ALCO is primarily responsible
for the development, implementation and
review of frameworks, strategies and policies
for managing the banks balance sheet, funding
management, market risk and liquidity risk.
Market Risk Management Division is responsible
for the development, implementation and
maintenance of consistent policies and
methodologies to identify, measure, monitor ,
control and report market risk and liquidity risk.
Annual Report 2010
31
Its primary objective is to facilitate decisions,

reduce volatility in operating performance and
provide transparent market risk and liquidity
risk profile to senior management, the ALCO,
Board of Directors and regulators.
MARKET RISK MANAGEMENT

FRAMEWORK
Market risk is inherent in the ordinary course
of the banks business and is prevalent
especially in the treasury activities undertaken
by the bank. The bank broadly classifies its
financial instruments into the Trading and
Banking Books. A major difference between
the Trading and Banking Books is that Trading
Book positions are identified for resale while
Banking Book positions are intended to be
held until maturity.
The market risk management framework of
the bank incorporates key risk management
principles, which are benchmarked against
industry best practices and regulatory
requirements.
MANAGEMENT OF PRICE RISK

(TRADING RISK)
The main price risk measurement technique
and control employed by the bank is Value-atRisk (VaR).
VaR methodology is used to estimate the
potential loss of value resulting from market
movements over a specified period of time
within a specified confidence level, under a
normal business situation.
Besides, the bank also utilize stress testing to
identifying possible events or future changes
32
Annual Report 2010
in the financial and economic conditions that

could have unfavorable effects on the banks
exposure and the assessment of the banks
ability to withstand such changes.
In providing FX services to customers, dealers
are required to observe customer foreign
exchange contract limits and State Bank of
Vietnams regulations. The banks most active
traded currencies are US Dollars and Vietnam
Dong. Where appropriate, the bank mitigates/
offsets the effect of its currency exposures
through funding/borrowing in the same
underlying currencies.
Periodically, ALCO reviews FX position limit and
FX stop-loss limit, whereas Credit Committee
considers and reviews transaction limits with
interbank counterparties.
MANAGEMENT OF INTEREST RATE RISK

ABBANK adopts various tools to monitor
and manage interest rate risk including: repricing gap, duration gap, stress testing of
interest rates changes in order to evaluate
the changes of net interest income (NII) or the
market value of owners equity.
Strategies and mitigating actions are regularly
reviewed and executed which include
adjusting the maturity tenor or re-pricing tenor
of assets and liabilities, re-strategizing new
business growth, securing long term funding
and entering into interest rate contracts.
MANAGEMENT OF LIQUIDTY RISK

The bank has a diversified liability structure to
meet its funding requirements. The primary
source of funding include customer deposits,
interbank deposits and medium term funds.

The stable growth in deposits is attained
through the banks network of branches and
based on customer behavioural profiling
(especial customers with large deposits), the
rollover rate of traditional deposits has been
consistent, hence providing the bank with a
steady source of funding.
The bank closely monitors the level of
liquid asset holdings in the form of cash and
marketable securities. Adequate liquid assets
are maintained to ensure that these assets
may be used to raise liquidity in times of need.
Liquidity crisis could be triggered by internal and
external factors. Signs of potential liquidity crisis
as well as liquidity indicators are monitored on a
regular basis and the bank must comply strictly
to SBVs regulations on Capital Adequacy Ratio
and other liquidity ratios.
The Bank must also comply with liquidity
limits which are regulated in the Liquidity Risk
Management policy set up by the bank.
As part of the banks strategic cooperation
with Maybank, the largest banking group in
Malaysia, the bank had invited the Operational
Risk specialists from Maybank to share with the
bank on the latest procedure and processes on
operational risk . This knowledge transfer from
Maybank had help to further strengthened the
operational risk management practices in An
Binh Bank.
In summary , the major initiatives that were
completed by Market Risk Management in
2010 are stress testing framework and are
on-going now are: Trading risk management
framework, Liquidity risk management framework, Interest risk management framework,
Interest risk management report guideline.
C. OPERATIONAL RISK DEFINITION

Operational risk is defined as the risk of loss
resulting from inadequate or failed internal
processes, people and systems or from external
events. This definition include legal risk but
excludes strategic and reputational risk.
The banks Operational Risk Management
Framework is built upon the above definition
that focuses on the five causal factors of
operational risks : internal processes, people,
systems, external events and legal.
The Operational Risk Management Framework
Annual Report 2010
33
aims to ensure that the bank, the board,

business line management, staff and
contractors can discharge their operational
risk management responsibilities within a
transparent and formalized framework that is
aligned to business objectives.
MANAGEMENT OF OPERATIONAL RISK

The Operational Risk Management Division
is responsible for the formulation and
implementation of operational risk framework
within the bank which encompasses the
operational
risk management strategy.
Another key function is the development
and implementation of the operational risk
management tools and methodologies
to identify, measure, monitor and control
operational risk.
Risk taking units constitute an integral part of
the operational risk management framework
and are primarily responsible for the day to
day management of operational risk. They
are responsible for putting in place and
maintaining their own respective operational
manuals and ensuring that the activities
undertaken by them comply with the banks
operational risk management framework.
Risk Officers will be appointed within the various
business and support units of the bank. The
Risk officers will form the key interface between
the business units and ORM and they will be
responsible for implementing and executing
the operational risk management processes
and tools. They will also be responsible for the
34
Annual Report 2010
investigation of operational losses; monitoring

and analysis of risk trend.
OPERATIONAL RISK MANAGEMENT TOOLS

AND METHODOLOGIES
Risk identification is the recognition of
operational risk scenarios that may give rise
to operational losses. Risk-profiling and selfassessment exercises are also conducted as part
of the operational risk management process.
These exercises enable risk taking units to
identify inherent operational risk specific to
their environment and assist them in assessing
the effectiveness of controls in place.
As at reporting date, the following tools and
methodologies are being designed and
implemented bank wide to effectively identify,
assess, measure and report operational risk
exposures on a timely basis.
Risk & Control Self Assessment (RCSA)

RCSA is a process of continual assessment of
risks and controls to identify control gaps and
to develop action plans to close the gaps. It is
a risk profiling tool which facilitates effective
operational risk management for the bank.
Business units undertake the RCSA exercise
to identify operational risk and control of their
key processes. The tool will also facilitate the
business units to develop and review their risk
profile, especially those that were assessed to
be of high risk categories .
Key Risk Indicators (KRIs)

KRIs are embedded into critical processes
to provide early warning of increasing risk
and/or control failures by flagging up given
frequencies of events as a mechanism for
continuous risk assessment. Business units
will monitor their risk exposures via KRIs
which could serve as early warning signals.
With the introduction of the KRI tool, ORM
will be able to work with the business units to
develop and review their KRIs with the setting
of appropriate thresholds. Business units are
required to develop specific and concrete
action plans for those indicators that fall under
Danger and Caution.
KRIs can be tracked at Bank wide, business or
at operating level. The main source of KRIs
are from the periodic RCSA process, IMDC
database, business units experiences and
internal/external audit findings.
Incident Management & Data Collection

(IMDC)
IMDC provides a structured process and system
to identify and focus attention on operational
hotspots and facilitates the minimization
of risk impact. With the implementation of
the IMDC and the availability of a centralized
operational risk loss database, ORM and
the business units will be able to anlayse
operational incidents based on causal factor
as well as identify operational hotspots for
appropriate action plans to address the critical
areas.
In 2010, the bank has adopted the above
operational risk tools and methodologies

where some branches and business units
were selected to carry out these initiatives
and findings revealed that there are incidents
or losses which the bank can actually reduce.
At the time of reporting, these risk identifying
tools have been implemented bank wide and
the bank expected to come up with solutions
from the findings on how to reduce the losses.
Apart from implementing the operational
risk tools and methodologies, the Bank
has also approved the Business Continuity
Management (BCM) and is now working on
the Disaster Recovery Plan for fire. Operational
Risk Management had conducted a bank wide
awareness program on BCM and this program
will be implemented bank wide in early 2011.
To further strengthen operational risk
management practices, our strategic partner
in Maybank had sent their Operational
Risk specialists over and this knowledge
transfer had added value to the banks risk
management practices.
BRANCH NETWORK DEVELOPMENT

If by the end of 2009, ABBANK branch network
has been operating effectively with more than
86 Branches and Sub-branches in more than
29 provinces and cities nationwide; by the end
of December 2010, this number increases to
115 including 1 main branches, 20 branches,
89 sub-branches and 5 saving funds.
ABBANK newly opened a branch in Soc Trang
and upgrade 5 sub-branches to branches,
including:
Annual Report 2010
35
Hung Yen Branch
upgraded from My Hao Sub-branch dated 25 May 2010
Long An Branch
upgraded from Long An Sub-branch dated 29 May 2010
Thai Nguyen Branch
upgraded from Thai Nguyen Sub-branch dated 13 September 2010
Vinh Phuc Branch
upgraded from Phuc Yen Sub-branch dated 10 December 2010
Sai Gon Branch
upgraded from Tran Hung Dao Sub-branch dated 10 December 2010
ABBANK opened 24 new sub-branches

nationwide, including:
- Lien Chieu Sub-branch (Da Nang)
- Cam Pha Sub-branch , Uong Bi Sub-branch
(Quang Ninh)
- Ngo Quyen Sub-branch (Hai Phong)
- Tan Uyen Sub-branch, Dau Tieng Subbranch (Binh Duong)
- Nha Trang Sub-branch (Khanh Hoa)
- Huynh Tat Phat Sub-branch, Soai Kinh Lam
Sub-branch, Trung Chanh Sub-branch, To
Hien Thanh Sub-branch, Ly Thai To Subbranch (Ho Chi Minh)
The important objective in the development

of ABBANK network in 2010 is to upgrade
infrastructure and network in the orientation
of improving retail capacity based on effective
and friendly service. It is expected that by the
end of 2011, ABBANK will have 150 branches,
sub-branches, savings funds in 33 provinces
and cities nationwide.
- Yen Phong Sub-branch (Bac Ninh)
SOCIAL ACTIVITIES
- Bac Ninh Sub-branch (Tu Son)
Sharing social responsibilities is one of the

norms which were highly appreciated by
ABBANK management and staff.
- Ngo Gia Tu Sub-branch , Tay Ho Subbranch, Hoang Quoc Viet Sub-branch

(Hanoi), Quang Trung Sub-branch (Ha
Dong)
- Kbang Sub-branch (Gia Lai)
- Bien Hoa Market Sub-branch (Dong Nai)
- Ben Luc Sub-branch (Long An)
- Moc Chau Sub-branch (Son la)
- Pho Hien Sub-branch (Hung Yen)
- Dong Ba Sub-branch (Thue Thien Hue)
Annual Report 2010
In addition, ABBANK possesses 4 savings

funds established in 2010 including Binh
Chanh savings fund, An Suong savings fund,
Nguyen Cu Trinh savings fund (Ho Chi Minh),
To Hieu savings fund (Son La).
In 2010, ABBANK continued to express the

spirit sharing with community through
volunteering activities such as Summer
of Love 2010 at ABBANK branches with
presenting, supporting cash to care and rear
the old people and children of difficulty in
social sponsor centers, elderly center, orphan
and disable children center at the localities.
ABBANK also funded charity music program
named Tet An Binh 2010 and given 200
presents for poor people in Sin Ho district, Lai

Chau province and Dai Thanh ward, Dai Loc
district, Quang Nam province with the hope
to bring a warmer, more peaceful Tet holidays
for everybody.
In addition to charity activities, ABBANK
confirmed its friendly bank position
through the participation in educational
and awareness-raising programs including:
ABBANK accompanying Grenn Heritate
Program (Co-organized by ABBANK, Vietnam
Nature Protection Association, and the
Global Citizenship Program of VTV3); funding
Vietnam Talent Reward 2010 (to honor talents
in IT and natural science); Funding What
to see on HTV7 to develop beautiful and
civilized living style in the current society.
With small but meaningful activities, ABBANK
is proud to contribute to the well-being of
poor people and improve the pride, trust of
ABBANK staff in a friendly, prestigious and
community-accountable trademark.
DEVELOPMENT PLAN TO
ACHIEVE STRATEGIC
OBJECTIVES
To achieve the proposed objectives, ABBANK
will manage the secure liabilities and assets
to gain sustainable development and the
highest effectiveness. ABBANK focuses on
four business aspects including mobilization,
credit, treasure, financial investment and
investment bank with following plans:
Deposit
- Regarding individual customer, ABBANK
continued to expand account-related
services through deploying technologyrich product services to increase non-term
deposit, developing term savings, mobilizing
products to expand capital mobilization in
the markets in which ABBANK serves. Capital
mobilization is expanded to market segments
those ABBANK has not been present in term
of geographical, demographical aspect or
behavior mode of customer.
- In terms of corporate customer, ABBANK
focused on mobilization in Hanoi, Ho Chi Minh,
Can Tho. Deposit products will be designed
basing on the business and production
features of the corporate. Proper products
will be developed to mobilize capital from
strategic enterprises such as EVN.
Loan
- ABBANK will design proper credit products for
individual customers to satisfy the consuming
demands of individuals, households; cooperate
with partners to provide the associate products
for customers.
Annual Report 2010
37
- For corporate credit products, ABBANK will

design specific products for specific demands
of customers with price-privilege product
packages.
Treasury
- Enhance funding business of commercial bank
related to operations including capital source
(capital management, payment management,
nostro account management, cash flow in
the system), bond investment (fixed income),
foreign currency and inter-bank activities.
- Capital source objective: ensure full payment
capacity; orient centralized capital management
policy in flexible and cautious manner. Increase
the quality of monitoring payment capacity and
operational risk. Focus on exploiting medium
and long term capital source, growth in scale and
operational quality; improve business capacity of
employees.
Investment in investment banking

operation
- Investment at ABBANK refers to the capital
contribution and share transaction to create
profits for ABBANK through direct or indirect
modes of investment in compliance with the
38
Annual Report 2010
law and investment policy of the bank based

on the profit, high level of payment and strict
risk management.
- Regarding customers of investment bank,
ABBANK continued the business on financial
tools; implementation of consulting activities,
issuance of shares, bonds to customers.
Other strategic tasks

Enhance cooperation with strategic partners
such as Maybank and IFC to put the bank in
the operation in line with the international
practice and open new business
opportunities in the international market.
Develop business in the open market
segments.
Complete risk management mechanism and
monitoring mechanism in the model of a
modern bank.
Invest in IT to attract young and potential
customers those tend to use utilities of IT in
the new age.
Carry out human resource training and
development to meet high demand for skills
and customer service as ABBANK rises to the
new height in the new age.
AFFLIATED COMPANY
INVESTMENT STATUS INTO THE RELATED COMPANIES

Company Name
ABBANK Assets Management

Company (ABBA)
Rate Owner
100%
Capital Contribution
200,000,000,000
SUMMARY ABOUT PERFORMANCE AND FINANCIAL

STATUS OF THE RELATED COMPANY
Currently, ABBANK is holding 100% capital of
ABL, ABF and strategic shareholders including
ABBANK Assets Management Company (ABBA)
Geleximco, EVN, ABBA those has contributed to
with the investment value of VND 200 billion. This
form a financial and service alliance surrounding
company officially started its operation in May
the banking activities at ABBANK. In 2011, ABBA
2010. ABBA has step by step confirmed its value
will continue to complete a service product system
with the services through debt and asset service
to meet the highest demand of ABBANK with the
of ABBANK, bringing safety and effectiveness for
target of developing a powerful financial group in
customers and partners of ABBANK such as ABS,
Vietnam.
Annual Report 2010
39
INFORMATION ABOUT SHAREHOLDERS AND

CORPORATE GOVERNANCE
BOARD OF DIRECTORS
MEMBER OF BOARD OF DIRECTORS
Mr. VU VAN TIEN

Chairman
Born in 1959
Mr. Vu Van Tien holds a Bachelor Degree of
Economics from National Ecomomics University
of Vietnam, and also graduated from Military
Technical Instutute as an engineer.
Mr. Tien is one of the most successful
entrepreneurs in Vietnam and has been granted
many awards by the Vietnamese Government
for his contributions to the countrys economic
development, namely:
The third grade Labor Decoration Category III
For the Young Decoration
Merit Certificate of the Prime Minister
Merit Cerificate of Hanoi Peoples Committee
Red Star Award
Besides being the Chairman of ABBANK, Mr. Tien
also plays the senior leadership roles as follows:
Chairman of GELEXIMCO JSC
Chairman of An Binh Securities JSC
Chairman of Thang Long Cement JSC
Chairman of An Hoa Paper JSC
40
Annual Report 2010
Mr. DAO VAN HUNG

Vice Chairman
Born in 1955
Mr. Dao Van Hung has an MBA Degree from Hanoi University of
Technology.
He has over 30 years working in electricity industry and has held
many key positions of Electricity of Vietnam (EVN). Currently he
is the Chairman of EVN.
Mr. NGUYEN HUNG MANH

Member
Born in 1956
Mr. Nguyen Hung Manh has an MBA from Ohio University (USA)
and graduated from Hanoi Foreign Language University with a
bachelor degree.
Mr. Manh used to work in oil & gas, and commercial sectors for
many years before he joined Vietnams financial and banking industry in 1990. He became a member of ABBANK in 2001 and
is one of the core cadres leading ABBANK to current successes.
Mr. MAI QUOC HOI

Member
Born in 1962
Mr.Mai Quoc Hoi holds a Bachelor Degree of Economic, Major
accounting from University of Finance and Accounting.
He is currently holding the position of chief accountant of EVN.
He has 26 years working in the Finance Accounting Sector. He
was assigned to hold the position of Member of ABBANK Board
of Directors (2008 2012).
Annual Report 2010
41

BOARD OF DIRECTORS
MEMBER OF BOARD OF DIRECTORS
Mr. NGUYEN TRI HIEU
Member in charge
Born in 1947
Doctor of Business Administration from Ludwig
University Maximilians, Munich, Germany.
He has more than 30 years of working and management
in financial and banking sector in America and Vietnam.
Mr. ABDUL FARID BIN ALIAS

Member
Born in 1968
Master of Business Administration in Finance - Denver
University, USA.
Bachelor of Science - Major: Accounting - Pennsylvania
State University, USA.
Representative of Maybanks shares in ABBANK.
OPERATION OF BOARD OF DIRECTORS

The Board of Directors had a meeting every three months. Some major issues were discussed
and resolved including orientation in operation of the year and the quarter, increase in
chartered capital in 2011, the plan to issue convertible bonds to foreign investors
Moreover, the standing members of the Board of Directors, together with participation of
Supervision Board, had regular meeting to update the business situation, domestic and foreign
economics information, propose the orientation in operation for the near future
42
Annual Report 2010
SUPERVISORY BOARD
MEMBERS OF THE SUPERVISORY BOARD
Ms. NGUYEN THI HANH TAM
Chief of Supervisory Board
Born in 1972
Bachelor in Credit and Banking Accounting Banking Institute.
Certificate of Chief Accountant.
She has 18 years working in financial and
banking industry.
Ms. HUYNH THI CHIEU LOAN

Member in charge
Born in 1975
Economics Bachelor, in Accounting and Auditing
- HCM University of Finance and Accounting.
Bachelor of Business Administration - Hanoi
University of Trade.
Mr. NGUYEN PHAN LONG

Member in charge
Born in 1962
Economics Bachelor from Ho Chi Minh Economics
University.
Bachelor of Law from Hanoi Law University.
25 years working in financial accounting sector
with 10 years of holding the position of general
accountant and chief accountant.
Annual Report 2010
43

BOARD OF DIRECTORS
MEMBERS OF THE SUPERVISORY BOARD
Mr. VO HONG LINH

Member
Born in 1968
Economics Bachelor Danang University of
Technology.
Mr. Linh has held important positions in EVN.
He is currently the Deputy Chief of EVNs
Financial Committee.
Mr. SREESANTHAN ELIATHAMBY

Member
Born in 1960
Bachelor of Law Malaya University, Malaysia,
Post-graduate on Civil Law at Oxford University,
Britain.
He has 18 years working and holding
management position in financial and
banking industry in Malaysia.
ACTIVITIES OF THE SUPERVISORY BOARD

Supervisory Board carries out the effective supervision on management and operation of
ABBANK. The close coordination among the Board of Directors, the Board of Management
and the Supervision Board has strictly supervised the operation of the whole system,
controlled the operation cost, audited financial statement to prevent risk and ensure safety
for the assets of the bank.
44
Annual Report 2010
ACTIVITIES OF BOARDS/
COMMITTEES UNDER THE
BOARD OF DIRECTORS
PLAN TO STRENGTHEN
EFFICIENCY IN CORPORATE
GOVERNANCE
Credit Board was responsible for reviewing and

granting credit, approving the rate of deposit
and applying measure in the settlement of
debt, deciding on credit policy and credit risk
management in the whole system. Functions
of Credit Board were to support in limiting
credit risk, following up the happening in the
market and proposing the proper interest rate.
With the support of the foreign strategic

shareholder and the reference to the international
criteria in banking management, ABBANK is now
setting up corporate governance principles which
contains specific requirements and minimum
criteria about management, expected to be issued
in the first quarter of 2010.
Development strategy and plans Committee:

is the unit under the management of Board of
Directors with the function to advising Board
of Management to develop the development
strategy of the bank in the period of 2011 2020. In
addition to the development of strategy to facilitate
the regular reporting on the implementation
progress to the Board of Directors (BoD), it has to
propose the adjustments in operation to suite the
proposed objectives and plans. Moreover, it has
to work closely with the Credit Committee and
Supervisory Board to ensure the implementation
progress against the schedule.
Applying the criteria and proper corporate

governance practices ensures the bank
under safe and adequate control, in which
operations with risk and safety in operation
were satisfactorily balanced in order to
maximize profit for shareholders and protect
the benefits of the related persons.
Annual Report 2010
45
ORGANIZATION AND HUMAN RESOURCES

ORGANIZATIONAL STRUCTURE
Shareholder
Meeting
Supervisory
Board
Board of
Directors
Internal
Audit Board
Human
Resources
Committee
Planning
& Strategy
Committee
Salary & Bonus

Committee
Credit
Committee
B.O.D/B.O.M
office
Board of
Management
A.L.C.O
Committee
Executive Risk
Committee
(ERC)
Corporate banking division
Human Resourses Division
Consumer banking division
Public Affairs Division
Treasury & currency division.
Accounting Division
Strategic Customer Board.
Credit Management Division
Investment Division.
Property Valuation Center
International Payment Center.
Card Center
Information & Technology Center
Core Banking Center.
Legal Support Division
General Affairs Department.
Network Development Department.
Credit Risk Management Division.

Market Risk Management Division.
Branch operation Support and MIS

Department.
Operational Risks Management

Division.
Service Quality Department.
BRANCHES, SUB - BRANCHES, ATM
46
Annual Report 2010
Risk
Management
Committee
Ann
An
Annual
nn
nual
uaal Rep
po
por
ort 2010
o
2010
0

BOARD OF MANAGEMENT
MEMBERS OF BOARD OF MANAGEMENT
Ms. TRAN THANH HOA

Chief Executive Officer
Born in 1963.
MBA Finance and Banking
Ms. Hoa has more than 20 years of experience in banking finance at
Vietcombank and used to hold the key positions such as Head of Credit
Department, Vice Director of Branch, Branch Director. She has participated
in management task in ABBANK since 2006 and made considerable
contributions to the development and growth of ABBANK.
48
Annual Report 2010
Mr. NGUYEN CONG CANH

Deputy General Director
Born in 1958
Bachelor of Economics.
Mr. Canh has 20 years working experience for Agribank.
Ms. NGUYEN THI NGOC MAI

Born in 1974
Engineer of Energy Economics from Hanoi University of
Technology.
Master of Energy Economics from Asian Institute of Technology.
Ph.D of Economics from Kwansei Gakuin University, Japan.
Ms. Mai spent 16 years working in corporate and project
finance for Vietnam Electricity (EVN).
Mr. BUI TRUNG KIEN

Born in 1973
Bachelor of Economics from National Economics University of
Vietnam.
Bachelor of Foreign Language from Hanoi Open University.
Bachelor of Law from Hanoi Open University.
Master of Public Administration from National University of
Singapore.
Mr. Kien has worked in financial and banking industry for
many years. He worked at Vietnams State Bank for 11 years.
Mr. ANG QUANG MINH
Born in 1972
B.A. in Finance University.
Mr. Minh has 16 years of experience in financialbanking industry.
Annual Report 2010
49

BOARD OF MANAGEMENT
MEMBERS OF BOARD OF MANAGEMENT
Mr. Pham Quoc Thanh

Born in 1970
Bachelor Degree from Banking University, Bachelor
Degree from Foreign Language University, Bachelor
Degree from IFS School of Finance (the U.K).
Mr. Thanh worked in Financial and Banking for 16 years,
of which he was at HSBC for 10 years.
Ms. Pham Thanh Thuy

Born in 1967
Bachelor of Economics Finance and Banking from
Banking University, Ho Chi Minh City Major Monetary
and Credit.
She has more than 15 years working experience in
banking finance, in the fields of Accounting, Finance,
Credit, Treasury, currency trading and foreign exchange
in commercial banks.
Ms. Pham Thi Hien

Born in 1973
Master of Economics Banking and Finance (MEBF)
organized by Ha Noi CFVG.
She has 17 years working in banking finance, mainly in
the field of International Payments and Trade Sponsor,
including 13 years at Vietcombank and 4 years at HSBC
Vietnam.
50
Annual Report 2010
Ann
An
A
nn
n
nnua
nual
uaal Repo
Re
ep
po
orrrtt 20
o
01
010
10
10
51
CHANGES OF THE BOARD OF MANAGEMENT DURING THE YEAR

December, 2010, in compliance with Decision No.247/HDQT.10 By Board of Directors, Ms. Tran
Thanh Hoa was appointed to hold the position of General Director of ABBANK in replacement for
Mr. Nguyen Hung Manh.
BENEFITS OF BOARD OF MANAGEMENT

The Board of Management and other senior management officers of ABBANK received the
preferential, salary and bonus policy correlative to their devotion to the bank development. Besides
the salary and bonus based on business result and achievements, the Board of Management and
senior management officers also received the comprehensive benefits such as: stock as bonus,
special health care. ect
HUMAN RESOURCE DEVELOPMENT

To meet the demand for continual development and expansion, ABBANK always focuses on the
development of human resource and establishment of personnel system, enterprise culture. In
addition to that, realizing the importance in human resources development the vital factor of
each enterprise, ABBANK has promoted recruitment & talent development, training, creating a
friendly working environment, opportunity in promotion.
Recruitment
In 2010, recruitment tasks were deployed actively to ensure the quality for the expansion of network
and good completion of the recruitment requirements from the units.
To diversify the recruitment sources and ensure the high-quality human resource, the Internship and
Management Trainee programs continued to be implemented and expanded, which received high
evaluation from candidates and divisions.
In addition, the regular update of the recruitment procedures and standardization of tests for
employees are focused to standardize the recruitment and ensure quality input for the whole system.
52
Annual Report 2010
Training activities in 2010

In continuity of the training courses of previous years, in 2010, training activities of ABBANK
gained many achievements to improve the qualification of staff and contribute to the
implementation of business objectives. There were 272 training courses with the participation
of 6.201 trainees.
Three main sectors of trainings include profession, T24, and software skill. In 2010, specific
professional training programs for transaction officers and customer relation officers were
characterized by close coordination between the Training Center and Professional Divisions/
Centers. Central software training program of Training Center as BEST (Beyond Excellent Service
Training) was widely deployed. The participation, support from Maybank would be continued
with the classes about Sales, Risk Management, International Payment
Working environment
The bank management encouraged all staff to do their best to satisfy the customers with a
friendly, effective, transparent and high-accountability working environment.
Public activities and staff activities were regularly implemented to enhance the working spirit
such as: cooking competition on March 08, sport day, and blood donation
The codes of ethnics of ABBANK are implemented comprehensively in all operating aspects of
the system:
Results-Orientation
Accountability
Value-add creativity
High touch
Servant-mindset customer service
Annual Report 2010
53
HIGHLIGHTS OF 2010
12
On 06 December, 2010, ABBANK
opened Ham Nghi Sub-branch at
82-84 Ham Nghi, Ben Nghe Ward,
District 1, HCM City.
Tran Hung Dao Sub-branch was
up-graded to Sai Gon Branch
at 855 Tran Hung Dao, Ward 1,
District, HCM City.
opened Pho Hien Sub-branch
under Hung Yen Branch located at
6 Nguyen Thien Thuat, Hung Yen
City, Hung Yen Province.
opened Hoang Quoc Viet Subbranch at 141 Hoang Quoc Viet,
Nghia Do Ward, Cau Giay District,
Hanoi.
Phuc Yen Sub-branch was up
graded to Phuc Yen Branch at 231
Hai Ba Trung, Hung Vuong, Phuc
Yen town, Vinh Phuc Province.
This is the second consecutive
year that ABBANK was granted
with the well-known commercial
service award in Top Trade
Services 2009 by Ministry of Trade
and Industry.
was accepted to issue convertible
bond by the Statebank in 2010.
successfully issued 600,000
convertible bonds with 24
month term with the total
value of 600 billion dongs for
IFC and Maybank.
54
Annual Report 2010
11
On 08 November, 2010, ABBANK
and VNPAY launched VnTopup
service.
was accepted to increase the
chartered capital to VND 3,830
billion.
signed business cooperation
contract with Prvoir Vietnam
Insurance Company.
opened Ly Thai To Sub-branch at
162 Ly Thai To, Ward 1, District 3,
Ho Chi Minh City.
funded the Vietnamese Talent
2010 for the third consecutive
year.
ABBANK continued to be listed
in top 500 powerful enterprise of
Vietnam in 2010: VNR500 2010.
At the end of November, 2010,
ABBANK was ranked with grade
A in 2009 by the SBV for jointstock company banks in Ho Chi
Minh city.
10
On 23 October, 2010, ABBANK
opened Moc Chau Sub-branch
under Son La Branch at 688
Group 6, Moc Chau Town, Moc
Chau District, Son La Province.
On 28 October, 2010, ABBANK
and EVN SPC signed contract
for providing electricity bill
collection service through post
network.
07
08
09
On 08 September, 2010, An Binh
Securities JSC, An Binh Land,
An Binh Assets Management
Company and Airline Insurance
Company officially signed the
four-side cooperation agreement.
On 08 September, 2010, ABBANK
opened Cho Bien Hoa Subbranch under Dong Nai Branch
at 85 Phan Chu Trinh Street, Bien
Hoa City, Dong Nai.
Thai Nguyen Sub-branch under
Hanoi Branch was upgraded to
Thai Nguyen Branch at 140 Hoang
Van Thu, Thai Nguyen City.
On 18 September, 2010, kne
Hydroelectricity Project funded
by ABBANK was launched and
prepared for operation.
opened To Hien Thanh Subbranch at 287 To Hien Thanh,
Ward 13, District 10.
opened Ben Luc Sub-branch at
Mai Thi Non residential Area,
Nguyen Huu Tho Street, Group
2, Ben Luc District, Long An
province.
On 06 August, 2010, ABBANK

opened Kbang Sub-branch
under Gia Lai Branch at 40 Tran
Hung Dao, Kbang Town, Kbang
District, Gia Lai Province.
opened ABBANK Ben Thanh
Sub-branch and also as SME at
Green Power Building, 35 Ton
Duc Thang, District 1, Ho Chi
Minh city.
was granted with Favorite
Vietnams Trademark 2010 by
Sai Gon Liberation Newspaper.
On 24 August, 2010, ABBANK was
certified to register the foreign
currency transaction, purchasing
and selling activities in foreign
market by the SBV.
On 15 July, 2010, ABBANK

opened Trung Chanh Subbranch at 365A Nguyen Anh
Thu, Trung My Tay Ward, District
12, Ho Chi Minh city.
opened Tay Ho Sub-branch at
387 Lac Long Quan, Cau Giay
Distirct, Hanoi.
opened Ngo Gia Tu Sub-branch
in Long Bien District, Hanoi.
ABBANK Ngo Gia Tu was honored
to be the 100th sub-branches in
the network of ABBANK.
opened Tu Son Sub-branch
under Bac Ninh Branch at 346
Tran Phu, Tu Son Town, Tu Son
District, Bac Ninh Province.
From July to end of August 2010,
ABBANK launched Summer of
Love 2010 in Ho Chi Minh city
and 17 ABBANK branches in the
country.
Annual Report 2010
55
HIGHLIGHTS OF 2010
06
On 08 June, 2010, ABBANK
organized press conference to
launch the product package
for Top VNR500 enterprises.
opened Soai Kinh Lam Subbranch at 540-542 Tran Hung
Dao, District 5, Ho Chi Minh City.
ABBANK was granted The wellknown trade mark 2010 by
Vietnam Association of Intellectual
Property, Vietnam Department of
Intellectual Property, and Vietnam
Brand Net.
opened Yen Phong Sub-branch
under Bac Ninh Branch at 32 Cho
Street, Cho Town, Yen Phong
District, Bac Ninh.
56
Annual Report 2010
05
On 12 May, 2010, ABBANK
opened Quang Trung Subbranch at 353 Quang Trung,
Ha Dong District, Hanoi.
On 25 May, 2010, ABBANK My
Hao Sub-branch was upgraded to
ABBANK Hung Yen Branch.
On 12 May, 2010 and 20 May,
2010, ABBANK received two
awards Excellent international
electronic payment bank from
WellsFargo and Citibank.
04
On 5 April, 2010, ABBANK provided
monopoly fund for HTV Awards
for the fourth time 2010 to honor
Vietnamese artists.
ABBANK successfully connected
with VNBC network through
Smartlink Card Company.
On 21 April, 2010, My Hiep Son
Highschool at Hon Dat district,
Kien Giang was officially commenced with the co-fund of
ABBANK and Geleximco.
On April, 2010, ABBANK opened
Nha Trang Sub-branch under
Khanh Hoa Branch at 54 Ngo Gia
Tu, Phuoc Tien Ward, Nha Trang
city.
On 28 April, 2010, ABBANK
opened Huynh Tan Phat Subbranch at 416 Huynh Tan Phat,
Binh Thuan Ward, District 7,
HCM city.
01
02
03
On 15 March, 2010 ABBANK
opened Ngo Quyen Sub-branch
under Hai Phong Branch located
at 295B Da Nang Street, Ngo
Quyen District, Hai Phong city.
On 24 March, 2010, ABBANK
successfully organized Annual
General Shareholder meeting
2009.
On 29 March, 2010, ABBANK
was granted with the Strong
Trademark Award selected by
Vietnam Economics Time and
VCCI (Ministry of Industry and
Trade).
On 04 February, 2010, ABBANK

My Hao Sub-branch under
Hanoi Branch moved to new
location at Gia Phong Cultural
and Sports Center at Ban Yen
Nhan Town Cross Section, My
Hao, Hung Yen.
On 22 February 2010, ABBANK
was honored to receive
President Nguyen Minh Triet
and Chairman of Hanoi PC
Nguyen The Thao.
ABBANK funded Cong dan Toan

Cau (VTV3) - channel aiming at
connecting international volunteers with social projects as the
bridge for the young people in
the world and Vietnamese youth.
On 15 January, 2010, ABBANK
and VNPost signed the contract
on electricity bill collection
through post offices network.
opened Mai Son Sub-branch
under Son La Branch at 69 Group
6, Hat Lot Town, Mai Son District,
Son La Province.
received the Well-know Service
Commercial Entity in the Top
Trade Services 2009 system
granted by Ministry of Industry
and Trade.
On 25 January, 2010 opened Cam
Pha Sub-branch under Quang
Ninh Branch located at 525 Tran
Phu, Cam Pha Town, Quang Ninh
Province.
Annual Report 2010
57
FINANCIAL STATEMENT
58
5
8
A ual
An
Ann
u Re
Repor
portt 2010
2010
Ernst & Young Vietnam Limited
District 1, Ho Chi Minh City, S.R. of Vietnam

Tel: +84 8 3824 5252
Fax: +84 8 3824 5250
www.ey.com
INDEPENDENT AUDITORS REPORT

To: The Board of Management An Binh Commercial Joint Stock Bank
We have audited the accompanying separate balance sheet of An Binh Commercial Joint Stock
Bank (the Bank) as at 31 December 2010 and the separate income statement and separate cash
flow statement for the year then ended and the notes thereto as set out on pages 5 to 63 (herein
referred to as the financial statements). These financial statements are the responsibility of the
Banks management. Our responsibility is to express an opinion on these financial statements based
on our audit.
Basis of Opinion
We conducted our audit in accordance with the Vietnamese and International Standards on
Auditing applicable in Vietnam. These standards require that we plan and perform the audit to
obtain reasonable assurance to determine whether the separate financial statements are free of
material misstatements. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the separate financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by the Banks management, as well as
evaluating the overall presentation of the separate financial statements. We believe that our audit
provides a reasonable basis for our opinion.
Audit opinion
In our opinion, the separate financial statements, in all material aspects, give a true and fair view
of the separate financial position of the Bank as at 31 December 2010 and of the result of its
operation
and its separate
cash flows for the year then ended in accordance with the Vietnamese
p
p
Accounting
Standards
Acco
counti
co
unti
un
ting
ng SSta
tand
ta
tand
ndards and Accounting System for Credit Institutions and comply with relevant
regulations
rre
eg
gu
ula
lation
tion
ti
ons st
sstipulated
tiip
pul
ulat
ated
e by the State Bank of Vietnam.
Ernst
EEr
rn
nsst & Young
Yo
Vietnam Limited
Tran i
inh
h Cuong
C
General Director
Registered Auditor
Certificate No. 0135/KTV
Vo Xuan Minh
Auditor in-charge
Registered Auditor
Ho Chi Minh City, Viet Nam

25 February 2011
Annual Report 2010
59
FINANCIAL STATEMENT
SEPARATE BALANCE SHEET
as at 31 December 2010
Notes
31/12/2010
VND million
ASSETS
Cash, gold, and precious stones
420,562
193,424
Balances with the State Bank of Vietnam (the SBV)
1,032,968
624,326
5
5.1
8,066,840
7,926,404
141,813
(1,377)
8,439,425
8,439,425
-
Placements with and loans to other banks

Placements with other banks
Loans to other banks
Provision for loans to other banks
Trading securities
Trading securities
Provision for decline in value of trading securities
6
12
13,836
16,900
(3,064)
26,442
29,783
(3,341)
Derivatives and other financial assets
2,238
Loans and advances to customers

Provision for credit losses
8
9
19,665,526
19,876,899
(211,373)
12,740,502
12,882,962
(142,460)
10
10.1
10.2
4,053,655
201,404
3,856,947
3,026,887
97,045
2,935,163
Investment securities
Available-for-sale investment securities
Held-to-maturity investment securities
Provision for decline in value of investment
securities
Long-term investments
Investments in subsidiaries
Investments in joint ventures
Investments in associates
Other long-term investments
Provision for decline in value of long-term
investments
Fixed assets
Tangible fixed assets
Cost
Accumulated depreciation
Finance lease
Cost
Intangible fixed assets
Cost
Accumulated amortisation
12
(4,696)
(5,321)
11.1
11.2
510,986
200,000
53,905
268,039
335,759
338,055
12
(10,958)
(2,296)
13
13.1
627,457
498,159
594,941
(96,782)
129,298
156,348
(27,050)
507,124
430,850
488,584
(57,734)
76,274
92,323
(16,049)
3,605,485
1,715,225
380,610
1,535,150
(25,500)
624,195
336,449
246,265
41,481
-
37,999,553
26,518,084
11
13.2
Investment properties
Cost
Other assets
Receivables
Interest and fees receivable
Deferred tax assets
Other assets
In which: Goodwill
Provision for doubtful debts
TOTAL ASSETS
60
31/12/2009
VND million
Annual Report 2010
14
14.1
14.2
Notes
31/12/2010
VND million
31/12/2009
VND million
15
100,000
37,023
16
16.1
16.2
6,421,815
6,421,815
-
6,334,203
5,978,067
356,136
17
23,462,135
15,001,842
4,002
LIABILITIES
Borrowings from the Government and the SBV
Deposits and borrowings from other banks
Deposits from other banks
Borrowings from other banks
Customer deposits
Derivatives and other financial liabilities
Grants, entrusted funds and loans exposed to risks
18
15,848
15,000
Valuable papers issued by the Bank
19
2,490,000
20
876,329
383,694
462,542
636,578
220,679
400,505
30,093
15,394
33,366,127
22,028,648
4,223,158
3,482,513
22.1
4,223,158
3,830,764
573,535
(181,141)
82,014
328,254
22.1
4,633,426
4,489,436
37,999,553
26,518,084
Other liabilities
Interest and fees payable
Deferred tax liabilities
Other payables
Provision for contingent liabilities and
commitments
TOTAL LIABILITIES
OWNERS EQUITY
Capital and reserves
Capital
Charter capital
Fund for capital expenditure
Share premium
Treasury shares
Preference shares
Other capital
Reserves
Foreign currency translation reserve
Asset revaluation reserve
Retained earnings
TOTAL OWNERS EQUITY
TOTAL LIABILITIES AND OWNERS EQUITY
22.1
22.1
22.1
921,786
(181,141)
50,197
216,081
Annual Report 2010
61
FINANCIAL STATEMENT
SEPARATE BALANCE SHEET
Notes
31/12/2010
VND million
31/12/2009
VND million
SEPARATE OFF BALANCE SHEET ITEMS

Contingencies
Borrowing guarantees
Letters of credit
Other guarantees
874,671
1,812,073
785,858
756,250
1,191,794
99,183
3,472,602
2,047,227
Commitments
Commitments to customers
Other commitment
37
Prepared by:
Reviewed by :
Approved by:
Mr. Nguyen Cong Anh

Manager of General
Accounting and Statistic
Department
Mr. Bui Quoc Viet

Chief Accountant
Ms. Tran Thanh Hoa

Ho Chi Minh City, Vietnam

25 February 2011
62
Annual Report 2010
SEPARATE INCOME STATEMENT

for the year ended 31 December 2010
Notes
25
26
Interest and similar income

Interest and similar expense
31/12/2010
VND million
3,280,061
(2,096,998)
31/12/2009
VND million
1,646,999
(957,497)
Net interest and similar income
1,183,063
689,502
Fees and commission income

Fees and commission expenses
234,208
(101,009)
111,483
(23,577)
Net fees and commission income
27
133,199
87,906
Net (loss)/gain from foreign currencies trading
28
(6,913)
11,078
Net (loss)/gain from dealing of trading securities
29
(36,966)
1,543
Net gain from dealing of investment securities
30
29,658
27,928
2,444
(5,722)
8,316
(2,464)
Other operating income

Other operating expenses
Net other operating (expense)/income
31
(3,278)
5,852
Income from long-term investments
32
23,711
16,496
TOTAL OPERATING INCOME
1,322,474
840,305
Personnel expenses
Depreciation and amortisation charges
(249,433)
(50,096)
(291,777)
(143,060)
(38,036)
(172,698)
(591,306)
(353,794)
33
TOTAL OPERATING EXPENSES

Net operating profit before provision for credit loss
Credit loss expense

PROFIT BEFORE TAX
Current corporate income tax expense
Deferred corporate income tax
Total corporate income tax expense
NET PROFIT FOR THE YEAR
21.1
21.2
731,168
486,511
(93,596)
(73,896)
637,572
412,615
(160,206)
-
(100,968)
-
(160,206)
(100,968)
477,366
311,647
Prepared by:
Reviewed by :
Approved by:
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
Ms. Tran Thanh Hoa


25 February 2011
Annual Report 2010
63
FINANCIAL STATEMENT
SEPARATE STATEMENT OF RETAINED EARNINGS
Notes
31/12/2009
VND million
RETAINED EARNINGS AT THE BEGINNING OF THE

YEAR
216,081
52,761
Reversal of dividend paid for treasury shares in 2007

Net profit for the year
1,426
477,366
311,647
EARNINGS BEFORE APPROPRIATIONS

Less
- Appropriation to reserves for the prior year
- Final dividend of prior year
- Interim dividends of the current year
694,873
364,408
(70,121)
(126,097)
(170,401)
(16,151)
(132,176)
RETAINED EARNINGS AT THE END OF THE YEAR

BEFORE APPROPRIATION TO RESERVES AND
DISTRIBUTION TO THE SHAREHOLDERS.
22.1
22.1
22.1
328,254
Prepared by:
Reviewed by :
Approved by:
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
Ms. Tran Thanh Hoa


25 February 2011
64
31/12/2010
VND million
Annual Report 2010
216,081
SEPARATE CASH FLOW STATEMENT

Notes
CASH FLOWS FROM OPERATING ACTIVITIES

Interest and similar receipts
Interest and similar payments
Fees and commission income received
Net receipts/payments from dealing of foreign
currencies, gold and securities
Recovery from bad debts written-off previously
Payments to employees and other operating expenses
Corporate income tax paid during the period
21.1
Net operating cash flows before changes in

operating assets and liabilities
Changes in operating assets
Decrease/(increase) in placements with and loans to
other banks
Increase in trading securities
(Increase)/decrease in derivatives and
other financial assets
Increase in loans and advances to customers
Decrease in provisions for write off
(loans, investment securities, long-term investments)
Increase in other assets
Changes in operating liabilities

Increase in borrowings from the Government and the
SBV
Increase in deposits and borrowings from other banks
Increase in customer deposits (including State
Treasury)
Increase/(decrease) in valuable papers issued
(excluding valuable papers issued in connection with
financing activities)
Increase in grants, entrusted funds and loans exposed
to risks
(Decrease)/increase in derivatives and other financial
liabilities
Increase in other liabilities
Reserve utilised during the period
Net cash flows from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Proceeds from disposals of fixed assets
Cost of disposal of fixed assets
Purchase of investment property
Proceeds from disposal of investment property
Cost of disposal of investment property
Payments for investments in other entities
Receipts from investments in other entities
Dividends receipts and profit shared from investments in
other entities
Net cash flows (used in)/from investing activities
13
11
11
31/12/2010
VND million
31/12/2009
VND million
3,145,716
(1,933,983)
133,199
1,555,993
(900,401)
87,906
(15,122)
(3,280)
(508,130)
(167,206)
14,626
6,116
(312,875)
(69,000)
651,194
382,365
2,717,100
(313,260)
(3,453,734)
(956,222)
(2,238)
(6,993,938)
884
(6,343,982)
(8,607)
(2,897,140)
(1,344)
62,977
87,613
37,023
4,271,319
8,460,293
8,328,098
1,890,000
(571,323)
848
5,436
(4,002)
71,545
(10,390)
4,002
317,802
(3,523)
3,711,995
2,016,801
(171,843)
4
(262,764)
78,875
(64,733)
215
(3,050)
400,010
23,711
16,380
(332,017)
348,822
Annual Report 2010
65
FINANCIAL STATEMENT
SEPARATE CASH FLOW STATEMENT
Notes
CASH FLOW FROM FINANCING ACTIVITIES

Increase in charter capital and share premium
Proceeds from issuance of long-term convertible
valuable papers and other long-term borrowings
Repayment of long-term convertible valuable
papers and other long-term borrowings
Dividends paid
Purchase of treasury shares
Proceeds from sale of treasury shares
Net cash flows from financing activities
Net increase in cash and cash equivalents
31/12/2010
VND million
31/12/2009
VND million
399,544
600,000
(298,307)
-
(133,013)
(41,570)
-
301,693
224,961
3,681,671
2,590,584
5,546,441
2,955,857
9,228,112
5,546,441
Cash and cash equivalents at the beginning of

the year
Foreign exchange difference
Cash and cash equivalents at the end of
the year
Prepared by:
Reviewed by :
Approved by:
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
Ms. Tran Thanh Hoa


25 February 2011
66
34
Annual Report 2010
Ernst & Young Vietnam Limited
District 1, Ho Chi Minh City, S.R. of Vietnam
INDEPENDENT AUDITORS REPORT
Tel: +84 8 3824 5252

Fax: +84 8 3824 5250
www.ey.com
To: The Board of Management An Binh Commercial Joint Stock Bank

We have audited the accompanying consolidated balance sheet of An Bnh Commercial Joint Stock
Bank (the Bank) and its subsidiary as at 31 December 2010 and the consolidated income statement
and consolidated cash flow statement for the year then ended and the notes thereto as set out on
pages 5 to 65 (herein referred to as the consolidated financial statements). These consolidated
financial statements are the responsibility of the Banks management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audit.
Basis of Opinion
We conducted our audit in accordance with the Vietnamese and International Standards on
Auditing applicable in Vietnam. These standards require that we plan and perform the audit to
obtain reasonable assurance to determine whether the consolidated financial statements are free
of material misstatements. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the consolidated financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the Banks management, as well
as evaluating the overall presentation of the consolidated financial statements. We believe that our
audit provides a reasonable basis for our opinion.
Audit opinion
In our opinion, the consolidated financial statements, in all material aspects, give a true and
fair view of the consolidated financial position of the Bank as at 31 December 2010 and of the
consolidated result of its operation and its consolidated cash flows for the year then ended in
accordance
acco
co
orrd
dance
ance
an
ce with
wit
ith the Vietnamese Accounting Standards and Accounting System for Credit
Institutions
In
nst
stit
itut
utio
tio
ions and
and
nd comply
com
omp with relevant regulations stipulated by the State Bank of Vietnam.
Ernst
EEr
rn
rns
nsst
st & Young
Y ung
Yo
g Vietnam Limited
Tran Dinh Cuong

General Director
Registered Auditor
Vo Xuan Minh
Auditor in-charge
Registered Auditor
Ho Chi Minh City, Viet Nam

25 February 2011
Annual Report 2010
67
FINANCIAL STATEMENT
CONSOLIDATED BALANCE SHEET
Notes
31/12/2010
VND million
ASSETS
Cash, gold, and precious stones
420,562
193,424
Balances with the State Bank of Vietnam (the SBV)
1,032,968
624,326
5
5.1
8,167,408
8,026,972
141,813
(1,377)
8,439,425
8,439,425
-
Placements with and loans to other banks

Placements with other banks
Loans to other banks
Provision for loans to other banks
Trading securities
Trading securities
Provision for decline in value of trading securities
6
12
13,836
16,900
(3,064)
26,442
29,783
(3,341)
Derivatives and other financial assets
2,238

Provision for credit losses
8
9
19,665,526
19,876,899
(211,373 )
12,740,502
12,882,962
(142,460)
4,790,905
201,404
4,594,197
3,026,887
97,045
2,935,163
12
(4,696)
(5,321)
11.1
11.2
320,005
52,753
268,039
335,759
338,055
12
(787)
(2,296)
13
13.1
627,468
498 ,170
594,953
(96,783)
129 ,298
156,348
(27,050)
507,124
430 ,850
488,584
(57,734)
76,274
92,323
(16,049)
5,465
5,465
-
2,969,308
1,715,448
379,942
904,908
(30,990)
624,195
336,449
246,265
41,481
-
38,015,689
26,518,084
Investment securities
Available-for-sale investment securities
Held-to-maturity investment securities
Provision for decline in value of investment
securities
Long-term investments
Investments in subsidiaries
Investments in joint ventures
Investments in associates
Other long-term investments
Provision for decline in value of long-term
investments
Fixed assets
Tangible fixed assets
Cost
Finance lease
Cost
Intangible fixed assets
Cost
Accumulated amortisation
Investment properties
Cost
Other assets
Receivables
Interest and fees receivable
Deferred tax assets
Other assets
In which: Goodwill
Provision for doubtful debts
TOTAL ASSET
68
31/12/2009
VND million
Annual Report 2010
10
10.1
10.2
13.2
14
15
15.1
15.2
16
CONSOLIDATED BALANCE SHEET (continued)

Notes
31/12/2010
VND million
31/12/2009
VND million
17
100,000
37,023
18
18.1
18.2
6,421,815
6,421,815
-
6,334,203
5,978,067
356,136
19
23,457,313
15,001,842
4,002
LIABILITIES
Borrowings from the Government and the SBV
Deposits and borrowings from other banks
Deposits from other banks
Borrowings from other banks
Customer deposits
Derivatives and other financial liabilities
Grants, entrusted funds and loans exposed to risks
20
15,848
15,000
Valuable papers issued by the Bank
21
2,490,000
22
878,504
383,594
464,817
636,578
220,679
400,505
30,093
15,394
33,363,480
22,028,648
24.1
4,223,158
3,830,764
573,535
(181,141)
82,014
347,037
4,223,158
3,482,513
921,786
(181,141)
50,197
216,081
24.1
4,652,209
4,489,436
38,015,689
26,518,084
Other liabilities
Interest and fees payable
Deferred tax liabilities
Other payables
Provision for contingent liabilities and
commitments
TOTAL LIABILITIES
OWNERS EQUITY
Capital and reserves
Capital
Charter capital
Fund for capital expenditure
Share premium
Treasury shares
Preference shares
Other capital
Reserves
Foreign currency translation reserve
Asset revaluation reserve
Retained earnings
TOTAL OWNERS EQUITY
TOTAL LIABILITIES AND OWNERS EQUITY
24.1
24.1
24.1
Annual Report 2010
69
FINANCIAL STATEMENT
CONSOLIDATED OFF BALANCE SHEET ITEMS
Notes
Contingencies
Borrowing guarantees
Letters of credit
Other guarantees
Commitments
Commitments to customers
Other commitment
39
31/12/2009
VND million
3,472,602
874,671
1,812,073
785,858
2,047,227
756,250
1,191,794
99,183
3,472,602
2,047,227
Prepared by:
Reviewed by :
Approved by:
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
Ms. Tran Thanh Hoa


25 February 2011
70
31/12/2010
VND million
Annual Report 2010
CONSOLIDATED INCOME STATEMENT

Notes
Interest and similar income

Interest and similar expense
27
28
31/12/2010
VND million
31/12/2009
VND million
3,300,305
(2,091,747)
1,646,999
(957,497)
Net interest and similar income
1,208,558
689,502
Fees and commission income

Fees and commission expenses
234,462
(101,022 )
111,483
(23,577)
Net fees and commission income
29
133,440
87,906
Net (loss)/ gain from foreign currencies trading
30
(6,913)
11,078
Net (loss)/gain from dealing of trading securities
31
(40,794)
1,543
Net gain from dealing of investment securities
32
29,658
27,928
2,564
(5,251)
8,316
(2,464)

Net other operating (expense)/income
33
(2,687)
5,852
Income from long-term investments
34
22,645
16,496
TOTAL OPERATING INCOME
1,343,907
840,305
Personnel expenses
Depreciation and amortisation charges
(250,947)
(50,097)
(287,854 )
(143,060)
(38,036)
(172,698)
(588,898)
(353,794)
TOTAL OPERATING EXPENSES
35
Annual Report 2010
FINANCIAL STATEMENT
CONSOLIDATED INCOME STATEMENT
Notes
Net operating profit before provision for credit loss

9
Credit loss expense

PROFIT BEFORE TAX
Current corporate income tax expense
Deferred corporate income tax
23.1
23.2
Total corporate income tax expense

NET PROFIT FOR THE YEAR
25
Basic earnings per share (VND)
Prepared by:
Reviewed by :
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant

25 February 2011
72
Annual Report 2010
31/12/2010
VND million
31/12/2009
VND million
755,009
486,511
(93,596)
(73,896)
661,413
412,615
(165,264)
-
(100,968)
-
(165,264)
(100,968)
496,149
311,647
1,295
1,101
Approved by:
Ms. Tran Thanh Hoa

CONSOLIDATED STATEMENT OF RETAINED EARNINGS

Notes
31/12/2010
VND million
31/12/2009
VND million
RETAINED EARNINGS AT THE BEGINNING OF THE

YEAR
216,081
52,761
Reversal of dividend paid for treasury shares in 2007

Net profit for the year
1,426
496,149
311,647
EARNINGS BEFORE APPROPRIATIONS

Less
- Appropriation to reserves for the prior year
- Final dividend of prior year
- Interim dividends of the current year
713,656
364,408
(70,121)
(126,097)
(170,401)
(16,151)
(132,176)
RETAINED EARNINGS AT THE END OF THE YEAR

BEFORE APPROPRIATION TO RESERVES AND
DISTRIBUTION TO THE SHAREHOLDERS.
Prepared by:
Reviewed by :
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
24.1
24.1
24.1
347,037
216,081
Approved by:
Ms. Tran Thanh Hoa


25 February 2011
Annual Report 2010
73
FINANCIAL STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
Notes
CASH FLOWS FROM OPERATING ACTIVITIES

Interest and similar receipts
Interest and similar payments
Fees and commission income received
Net receipts/payments from dealing of foreign
currencies, gold and securities
Recovery from bad debts written-off previously
Payments to employees and other operating expenses
Corporate income tax paid during the period
Net operating cash flows before changes in
operating assets and liabilities
Changes in operating assets
Decrease/(increase) in placements with and loans to
other banks
Increase in trading securities
(Increase)/decrease in derivatives and
other financial assets
Increase in loans and advances to customers
Decrease in provisions for write off
(loans, investment securities, long - term investments)
Increase in other assets
23.1
Changes in operating liabilities

Increase in borrowings from the Government and the
SBV
Increase in deposits and borrowings from other banks
Increase in customer deposits (including State
Treasury)
Increase/(decrease) in valuable papers issued
(excluding valuable papers issued in connection with
financing activities)
Increase in grants, entrusted funds and loans exposed
to risks
(Decrease)/increase in derivatives and other financial
liabilities
Increase in other liabilities
Reserve utilised during the period
Net cash flows from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets
Proceeds from disposals of fixed assets
Cost of disposal of fixed assets
Purchase of investment property
Proceeds from disposal of investment property
Cost of disposal of investment property
Payments for investments in other entities
Receipts from investments in other entities
Dividends receipts and profit shared from investments
in other entities
Net cash flows (used in )/from investing activities
74
Annual Report 2010
13
31/12/2010
VND million
3,166,629
(1,928,833)
133,440
1,555,993
(900,401)
87,906
(18,951)
(2,690)
(510,350)
(170,777)
14,626
6,116
(312,875)
(69,000)
668,468
382,365
2,783,495
(1,050,510)
(3,453,734)
(956,222)
(2,238)
(6,993,938)
884
(6,343,982)
(8,607)
(2,267,118)
(1,344)
62,977
87,613
37,023
4,271,319
8,455,471
8,328,098
1,890,000
(571,323)
848
5,436
(4,002)
72,281
(10,390)
4,002
317,802
(3,523)
3,684,350
2,016,801
(171,855)
4
(62,764)
78,875
(64,733)
215
(3,050)
400,010
23,797
16,380
(137,408)
348,822
(5,465)
11
11
31/12/2009
VND million
CONSOLIDATED CASH FLOW STATEMENT

Notes
CASH FLOW FROM FINANCING ACTIVITIES

Increase in charter capital and share premium
Proceeds from issuance of long -term convertible
valuable papers and other long-term borrowings
Repayment of long-term convertible valuable
papers and other long-term borrowings
Dividends paid
Purchase of treasury shares
Proceeds from sale of treasury shares
31/12/2010
VND million
31/12/2009
VND million
399,544
600,000
(298,307)
-
(133,013)
(41,570)
-
301,693
224,961
Net increase in cash and cash equivalents
3,848,635
2,590,584
Cash and cash equivalents at the beginning of

the year
5,546,441
2,955,857
9,395,076
5,546,441
Net cash flows from financing activities
Foreign exchange difference

Cash and cash equivalents at the end of
the year
Prepared by:
Reviewed by :
Mr. Nguyen Cong Anh

Manager of General
Department
Mr. Bui Quoc Viet

Chief Accountant
36
Approved by:
Ms. Tran Thanh Hoa


25 February 2011
Annual Report 2010
75
76
Ann
An
nnual
ual Repor
Reepor
po
o t 2010
BRANCH/SUB-BRANCH NETWORK
AN GIANG PROVINCE:
Long Xuyen Sub Branch:

904B Ha Hoang Ho St., My Xuyen Ward,
Long Xuyen City.
Tel: 076-3940 786 - Fax: 076-3940 445.
BAC LIEU PROVINCE:
Bac Lieu Branch:

160A Highway 1A, Hamlet 2, Ward 7, Bac Lieu Town.
Tel: 0781-3959 500 - Fax: 0781-3959 600.
BAC NINH PROVINCE:
Bac Ninh Branch:

10 Nguyen Dang Dao St., Tien An Ward,
Bac Ninh Province.
Tel: 0241-3893 068 - Fax: 0241-3893 100.
Tu Son Sub Branch:
346 Tran Phu St., Dong Ngan Ward, Tu Son Dist,
Bac Ninh Province.
Tel: 0241-3760 511 - Fax: 0241-3760 512.
Yen Phong Sub Branch:
32 Cho St., Cho Town, Yen Phong Dist,
Bac Ninh Province.
Tel: 0241-3891 811 - Fax: 0241-3891 661.
BINH DUONG PROVINCE:
Thuan An Sub Branch:

T6/27 Highway 13, Binh Duc Commune,
Binh Hoa Town, Thuan An Dist.
Tel: 0650-3782 609 - Fax: 0650-3782 608.
Tan Uyen Sub Branch:
Lot 13K-14K Uyen Hung Commerce Residential
Area, Tan Uyen Dist.
Tel : 0650-3642 537 - Fax : 0650-3642 536 .
BINH PHUOC PROVINCE:
Dong Xoai Sub Branch:

Hung Vuong St., Tan Binh Ward, Dong Xoai Town.
Tel: 0651-3886 188 - Fax: 0651-3886 177.
BINH THUAN PROVINCE:
Phan Thiet Sub Branch:

384 Tran Hung Dao St., Lac Dao Ward,
Phan Thiet City.
Tel: 062-3722 122 - Fax: 062-3722 121.
CAN THO CITY:
An Nghiep Sub Branch:

152-154 Tran Hung Dao St., An Nghiep Ward,
Ninh Kieu Dist.
Tel: 0710-3732 177 - Fax: 0710-3732 558.
Ben Cat Sub Branch:

400, Quater 2, My Phuoc Town, Ben Cat Dist.
Tel: 0650-3556 208 - Fax: 0650-3556 209.
Cai Rang Sub Branch:

216 Highway 1A, Le Binh Ward, Cai Rang Dist.
Tel: 0710-3915 435 - Fax: 0710-3915 436.
Binh Duong Branch:

470 Region 1, Binh Duong Avenue, Thu Dau Mot Dist.
Tel: 0650-3872 218 - Fax: 0650-3872 217.
Can Tho Branch:

74-76 Hung Vuong St., Thoi Binh Ward,
Ninh Kieu Dist.
Tel: 0710-3732 555 - Fax: 0710-3732 556.
Dau Tieng Sub Branch:

11B Hung Vuong St., Dau Tieng Town, Dau Tieng Dist.
Tel: 0650-3519 102 - Fax: 0650-3519 103.
O Mon Sub Branch:

103 Highway 91, Chau Van Liem Ward, O Mon Dist.
Tel: 0710-3664 790 - Fax: 0710-3664 791.
Phu Giao Sub Branch:

Group 3, Quarter 9, Phuoc Vinh Town, Phu Giao Dist.
Tel: 0650-3674 878 - Fax: 0650-3674 987.
Annual Report 2010
77
DA NANG CITY:
GIA LAI PROVINCE:
Da Nang Branch:
179 Nguyen Chi Thanh St., Hai Chau Dist.
Tel: 0511-2225 262 - Fax: 0511-2225 265.
Gia Lai Branch:

162B2 Hai Ba Trung St., Yen Do Ward, Pleiku City.
Tel: 059-3723 222 - Fax: 059-3723 226.
Hai Chau Sub Branch:

194-196 Quang Trung St., Hai Chau Dist.
Tel: 0511-2221 155 - Fax: 0511-2221 150.
Kbang Sub Branch:

40 Tran Hung Dao St., Kbang Town, Kbang Dist.
Tel: 059-3880 999 - Fax: 059-3880 189.
Hung Vuong Sub Branch:

195 Hung Vuong St., Hai Chau Dist.
Tel: 0511-2225 699 - Fax: 0511-2225 696.
HA NOI CITY:
Lien Chieu Sub Branch:

183 Ton Duc Thang St., Lien Chieu Dist.
Tel: 0511-2220 099 - Fax: 0511-2220 088.
Phan Chu Trinh Sub Branch:
193 Phan Chu Trinh St., Phuoc Ninh Ward, Hai Chau Dist.
Tel: 0511-2222 116 - Fax: 0511-2222 117.
Trung Nu Vuong Sub Branch:
391 Trung Nu Vuong St., Hoa Thuan Ward, Hai Chau Dist.
Tel: 0511-2221 555 - Fax: 0511-2221 559.
Nguyen Van Linh Sub Branch:
174 Nguyen Van Linh St., Thanh Khe Dist.
Tel: 0511-2221 222 - Fax: 0511-2221 231.
DONG NAI PROVINCE:

Dong Nai Branch:
312-314 Nguyen Ai Quoc St., Tan Tien Ward,
Bien Hoa City.
Tel: 061-2220 226 - Fax: 061.2220 224.
Cho Bien Hoa Sub Branch:
85 Phan Chu Trinh St., Hoa Binh Ward, Bien Hoa City.
Tel: 061-2800 368 - Fax: 061-2800 369.
Dai Kim Sub Branch:

A5 Region C8, Dai Kim New Urban Area, Dai Kim
Ward, Hoang Mai Dist.
Tel: 04-35401 044 - Fax: 04-35404 045.
Dao Tan Sub Branch:
33 Dao Tan St., Ba Dinh Dist.
Tel: 04-37669 350. Fax: 04-37669 360.
Dinh Tien Hoang Sub Branch:
69 Dinh Tien Hoang St., Hoan Kiem Dist.
Tel: 04-39262 865/67 - Fax: 04-39262 870.
Doi Can Sub Branch:
279A Doi Can St., Ba Dinh Dist.
Tel: 04-37226 580 - Fax: 04-37226 579.
Dong Anh Sub Branch:
1 Cao Lo St., Phan Xa Hamlet, Uy No Town,
Dong Anh Dist.
Tel: 04-39655 638 - Fax: 04-39655 640.
Ha Noi Branch:
101 Lang Ha St., Dong Da Dist.
Tel: 04-35622 828 - Fax: 04-35624 655.
Hang Non Sub Branch:
02 Hang Non, Hang Gai Ward, Hoan Kiem Dist.
Tel: 04-39381 303. Fax: 04-39381 305.
DONG THAP PROVINCE:

Cao Lanh Sub Branch:
42 Doc Binh Kieu St., Ward 2, Cao Lanh City.
Tel: 067-2220 999 - Fax: 067-3875 998.
78
Annual Report 2010
Ho Tung Mau Sub Branch :

42 Ho Tung Mau St., Cau Dien Town, Tu Liem Dist.
Tel: 04-37634 822 - Fax: 04-37634 821.
Hoang Quoc Viet Sub Branch:

141 Hoang Quoc Viet St., Nghia Do Ward, Cau Giay Dist.
Tel: 04-62816 233 - Fax: 04-62816 235.
Ha Dong Sub Branch:

1 Tran Phu St., Ha Dong Dist.
Tel: 04-33545 757 - Fax: 04-33545 017.
Le Trong Tan Sub Branch:

30 Le Trong Tan St., Thanh Xuan Dist.
Tel: 04-35665 406 - Fax: 04-35665 405.
HAI PHONG CITY:
Lo Duc Sub Branch:

126 Lo Duc St., Dong Mac Ward, Hai Ba Trung Dist.
Tel: 04-39727 327/29/36 - Fax: 04-39727 328.
Ngo Gia Tu Sub Branch:
491 Ngo Gia Tu St., Duc Giang Ward, Long Bien Dist.
Tel: 04-36526 405 - Fax: 04-36526 406.
Hai Phong Branch:

09 Tran Hung Dao St., Hong Bang Dist.
Tel: 031-3529 665 - Fax: 031-3529 664.
Ngo Quyen Sub Branch:
295B Da Nang St., Van My Ward, Ngo Quyen Dist.
Tel: 031-3568 766 - Fax: 031-3568 799.
HUNG YEN PROVINCE:

Nguyen Van Cu Sub Branch:
453 Nguyen Van Cu St., Long Bien Dist.
Tel: 04-38736 040 - Fax: 04-38736 042.
Quan Thanh Sub Branch:
188 Quan Thanh St., Ba Dinh Dist.
Tel: 04-37152 406 - Fax: 04-37152 413.
Quang Trung Sub Branch:
353 Quang Trung St., Quang Trung Ward, Ha Dong Dist
Tel: 04-33117 626 - Fax: 04-33117 627.
Pho Hue Sub Branch:
First Floor, 48-50 Pho Hue St., Hoan Kiem Dist.
Tel: 04-39447 150 - Fax: 04-39447 152.
Tay Ho Sub Branch:
387 Lac Long Quan St., Nghia Do Ward, Cau Giay Dist.
Tel: 04-37592 483 - Fax: 04-37592 484.
Ton Duc Thang Sub Branch:
141 Ton Duc Thang St., Dong Da Dist.
Tel: 04-35132 190 - Fax: 04-35132 218.
Tran Dang Ninh Sub Branch:
109 Tran Dang Ninh St., Cau Giay Dist.
Tel: 04-37930 436 - Fax: 04-37930 457.
Tran Khat Chan Sub Branch:
288 Tran Khat Chan St., Hai Ba Trung Dist.
Tel: 04-39724 814 - Fax: 04-39724 815.
Hung Yen Branch:

Gia Phong Culture & Sports Center, Ban Yen Nhan
Town, My Hao Dist.
Tel: 0321-3742 004 - Fax: 0321-3742 005.
Pho Hien Sub Branch:
6 Nguyen Thien Thuat St., Hung Yen City.
Tel: 0321-3515 999 - Fax: 0321-3518 555.
KHANH HOA PROVINCE:

Khanh Hoa Branch:
22 Thai Nguyen St., Phuong Sai Ward, Nha Trang City.
Tel: 058-3563 560 - Fax: 058-3563 561.
Nha Trang Sub Branch:
54 Ngo Gia Tu St., Phuoc Tien Ward, Nha Trang City.
Tel: 058-2220 123 - Fax: 058-2220 122.
KIEN GIANG PROVINCE:

Rach Gia Sub Branch:
54-55 Lac Hong St., Vinh Lac Ward, Rach Gia City.
Tel: 077-3942 828 - Fax: 077-3942 827.
LONG AN PROVINCE:
Long An Branch:
123-125-127 Hung Vuong St., Ward 2, Tan An City.
Tel: 072-3524 334 - Fax: 072- 3524 335.
Annual Report 2010
79
Ben Luc Sub Branch:
Mai Thi Non Residential Area, Nguyen Huu Tho St.,
Quarter 2, Ben Luc Town.
Tel : 072-3638 838 - Fax : 072-3638 839.
SOC TRANG PROVINCE:
QUANG NAM PROVINCE:
TAY NINH PROVINCE:
Tam Ky Sub Branch:

12 Phan Chau Trinh St., Tam Ky City.
Tel: 0510-2220 666 - Fax: 0510-2220 669.
Tay Ninh Sub Branch:

A3-A4 Commerce Center, 30/4 Avenue,
Tay Ninh Town.
Tel: 066-3818 699 - Fax: 066-3818 698.
Soc Trang Branch:

99-99A Le Hong Phong St., Ward 3, Soc Trang City.
Tel: 079-3641 999 - Fax: 079-3641 995.
QUANG NINH PROVINCE:

Quang Ninh Branch:
2 Kim Hoan St., Bach Dang Ward, Ha Long City.
Tel: 033-3556 931 - Fax: 033-3556 930.
Cam Pha Sub Branch:
525 Tran Phu St., Cam Trung Ward, Cam Pha Town.
Tel: 033-3939 568 - Fax: 033-3939 380.
THAI NGUYEN PROVINCE:

Thai Nguyen Branch:
140 Hoang Van Thu St., Hoang Van Thu Ward,
Thai Nguyen City.
Tel: 0280-3656 655 - Fax: 0280-3656 590.
THUA THIEN HUE PROVINCE:

Uong Bi Sub Branch:
455 Quang Trung St., Group 42, Uong Bi Town.
Tel: 033-3566 522 - Fax: 033-3566 533.
Hue Branch:
100 Nguyen Hue St., Hue City.
Tel: 054-2220 999 - Fax: 054-2220 996.
SON LA PROVINCE:
Dong Ba Sub Branch:

209 Tran Hung Dao St., Phu Hoa Ward, Hue City.
Tel: 054-3599 333 - Fax: 054-3588 333.
Mai Son Sub Branch:

69 Subregional 6, Hat Lot Town, Mai Son Dist.
Tel: 022-3745 296 - Fax: 022-3745 295.
HO CHI MINH CITY:

Son La Branch:
234 Chu Van Thinh St., Group 11, Chien Le Ward,
Son La City.
Tel: 022-3752 926 - Fax: 022-3752 932.
Moc Chau Sub Branch:
688 Subregional 6, Moc Chau Town, Moc Chau Dist.
Tel: 022-3766 926 - Fax: 022-3766 929.
To Hieu Sub Branch:
49A Dien Bien St., Group 4, To Hieu Ward, Son La City.
Tel: 022-3755 926 - Fax: 022-3755 288.
80
Annual Report 2010
HEAD OFFICE MAIN BRANCH OFFICE:

170 Hai Ba Trung St., Da Kao Ward, Dist 1.
Tel: 08-38244 855 - Fax: 08-38244 856
Customer Service Center: 08-38365 365 / 1900 571 581
Email: info@abbank.vn - Website: www.abbank.vn
An Suong Sub Branch:
22/15 Truong Chinh St., Tan Thoi Nhat Ward, Dist 12.
Tel: 08-62560 550 - Fax: 08-62560 551.
Ben Thanh Sub Branch:
35 Ton Duc Thang St., Ben Nghe Ward, Dist 1.
Tel: 08-22262 222 - Fax: 08-22205 301.
Binh Chanh Sub Branch:

A13/46 Highway 1A, Binh Chanh Town,
Binh Chanh Dist.
Tel: 08-37608 159 - Fax: 08-37608 160.
Binh Tan Sub Branch:
472 Kinh Duong Vuong St., Binh Tan Dist.
Tel: 08-37522 052 - Fax: 08-37522 052.
Chanh Hung Sub Branch:
320 Bis Chanh Hung St., Ward 5, Dist 8.
Tel: 08-38523 490 - Fax: 08-38523 491.
Cong Hoa Sub Branch:
78 Cong Hoa St., Ward 4, Tan Binh Dist.
Tel: 08-38117 077 - Fax: 08-38117 020.
Dan Chu Sub Branch:
115 Dan Chu St., Binh Tho Ward, Thu Duc Dist.
Tel: 08-37225 412 - Fax: 08-37225 417.
Da Kao Sub Branch:
47 Dien Bien Phu St., Dist 1.
Tel: 08-39100 780 - Fax: 08-39100 786.
Ham Nghi Sub Branch:
82-84 Ham Nghi St., Ben Nghe Ward, Dist 1.
Tel: 08-38216 196 - Fax: 08-38216 197.
Hau Giang Sub Branch:
243 Hau Giang St., Ward 5, Dist 6.
Tel: 08-39603 141 - Fax: 08-39603 184.
Huynh Tan Phat Sub Branch:
416 Huynh Tan Phat St., Binh Thuan Ward, Dist 7.
Tel: 08-37738 915 - Fax: 08-37738 916.
Huynh Van Banh Sub Branch:
224B Huynh Van Banh St., Ward 11, Phu Nhuan Dist.
Tel: 08-39973 273 - Fax: 08-38452 831.
Khanh Hoi Sub Branch:
386-388 Hoang Dieu St., Dist 4.
Tel: 08-39430 530 - Fax: 08-39430 530.
Ky Hoa Sub Branch:

65-65A 3/2 St., Ward 11, Dist 10.
Tel: 08-39292 747 - Fax: 08-39292 748.
Lac Long Quan Sub Branch:
349A Lac Long Quan, Ward 5, Dist 11.
Tel: 08-39750 515 - Fax: 08-39750 514.
Le Quang Dinh Sub Branch:
428 Le Quang Dinh St., Ward 11, Binh Thanh Dist.
Tel: 08-35158 575 - Fax: 08-35158 576.
Le Van Sy Sub Branch:
78 Le Van Sy St., Ward 11, Phu Nhuan Dist.
Tel: 08-38445 175 - Fax: 08-38445 175.
Le Van Viet Sub Branch:
221 Le Van Viet St., Hiep Phu Ward, Dist 9.
Tel: 08-37360 630 - Fax: 08-37360 629.
Ly Thai To Sub Branch:
162 Ly Thai To St., Ward 1, Dist 3.
Tel: 08-38323 720 - Fax: 08-38323 721.
Minh Khai Sub Branch:
126 Nguyen Thi Minh Khai St., Ward 6, Dist 3.
Tel: 08-39330 320 - Fax: 08-39330 322.
Nguyen Cu Trinh Sub Branch:
118 Nguyen Cu Trinh St., Nguyen Cu Trinh Ward, Dist 1.
Tel: 08-38389 707 - Fax: 08-38389 701.
Nguyen Thi Dinh Sub Branch:
554 Nguyen Thi Dinh St., Thanh My Loi Ward, Dist 2.
Tel: 08-37423 589 - Fax: 08-37423 591.
Nguyen Tri Phuong Sub Branch:
136H Nguyen Tri Phng St., Ward 9, Dist 5.
Tel: 08-38300 540 - Fax: 08-38300 541.
Nguyen Van Troi Sub Branch:
261F Nguyen Van Troi St., Ward 10, Phu Nhuan Dist.
Tel: 08-39976 693 - Fax: 08-39976 694.
Annual Report 2010
81
Ong Ta Sub Branch:
737 Cach Mang Thang 8 St., Ward 6, Tan Binh Dist.
Tel: 08-39771 011 - Fax: 08-39771 012.
Truong Chinh Sub Branch:

449 Truong Chinh St., Ward 14, Tan Binh Dist
Tel: 08-38428 696 - Fax: 08-38488 797.
Phan Dang Luu Sub Branch:

168A Phan Dang Luu St., Ward 3, Phu Nhuan Dist.
Tel: 08-39956 390 - Fax: 08-39956 381.
VN Direct Sub Branch:

81-85 Ham Nghi St., Dist 1.
Tel: 08-39142 117 - Fax: 08-39146 922.
Pho Co Dieu Sub Branch:

1147-1149-1151, 3/2 St., Ward 6, Dist 11.
Tel: 08-39561 158 - Fax: 08-39561 159.
TIEN GIANG PROVINCE:
Phu My Hung Sub Branch:

1441 My Toan 2 , Nguyen Van Linh St.,
Tan Phong Ward, Dist 7.
Tel: 08-54121 944 - Fax: 08-54121 947.
My Tho Sub Branch:

28/2 Hung Vuong St., Dao Thanh Commune,
My Tho City.
Tel: 073-3976 300 - Fax: 073-3976 301.
VINH LONG PROVINCE:

Quang Trung Sub Branch:
A3-1C Quang Trung St., Ward 3, Go Vap Dist.
Tel: 08-39897 244 - Fax: 08-39897 242.
Vinh Long Sub Branch:

26 Hoang Thai Hieu St., Ward 1, Vinh Long City.
Tel: 070-3836 735 - Fax: 070-3836 736.
Sai Gon Branch:

855 Tran Hung Dao St., Ward 1, Dist 5.
Tel: 08-39240 500 - Fax: 08-39240 503.
VINH PHUC PROVINCE:
Soai Kinh Lam Sub Branch:

540-542 Tran Hung Dao St., Ward 14, Dist 5.
Tel: 08-39520 217 - Fax: 08-39520 219.
Tan Phu Sub Branch:
22 Truong Vinh Ky St., Tan Thanh Ward,
Tan Phu Dist.
Tel: 08-38123 400 - Fax: 08-38123 404.
To Hien Thanh Sub Branch:
287 To Hien Thanh St., Ward 13, Dist 10.
Tel: 08-39797 252 - Fax: 08-39797 253.
Trung Chanh Sub Branch:
356A Nguyen Anh Thu St., Trung My Tay Ward,
Dist 12.
Tel: 08-37186 145 - Fax: 08-37186 148.
82
Annual Report 2010
Phuc Yen Branch:

231 Hai Ba Trung St., Hung Vuong Ward,
Phuc Yen Town.
Tel: 0211-3511 858 - Fax: 0211-3511 855.
BA RIA - VUNG TAU PROVINCE:

Ba Ria Sub Branch:
27 Nguyen Tat Thanh, Phuoc Trung Ward,
Ba Ria Town.
Tel: 064-3717 601 - Fax: 064-3717 600.
Vung Tau Branch:
14 Nguyen Thai Hoc St., Ward 7, Vung Tau City.
Tel: 064-3512 480 - Fax: 064-3512 481.
Vung Tau Sub Branch:
21 Le Loi St., Ward 4, Vung Tau City.
Tel: 064-3515 597 - Fax: 064-3515 596.
ABBANK HEAD OFFICE\ MAIN BRANCH

170 Hai Ba Trung St., Dakao Ward, Dist. 1, HCMC
Tel: (84-8) 38244 855 - Fax: (84-8) 38244 856
Website: www.abbank.vn

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TABLE OF CONTENT

Vision and Mission

Report of the Board of Directors

Report of the Board of Management

Information about Shareholders and Corporate Governance

Organization and Human resources

Annual Report 2010

Ladies and gentlemen,

115 branches/ sub-branches located in 29 provinces

Annual Report 2010

Annual Report 2010

Ladies and gentlemen,

capacity; training and contributing to improving

Trn Thanh Hoa

Annual Report 2010

In order to meet the increasing demand

ABBANK increased the chartered capital

Electricity of Vietnam (EVN) became a

The chartered capital was increased

Annual Report 2010

- ABBANK successfully deployed the core

- ABBANK announced the cooperation

Most popular brand Vietnam

Annual Report 2010

customers are satisfied with not only the

In the last year, ABBANK enhanced cooperation

Currently, targeted customers of ABBANK

With the slogan "Provide to solution - Receive

For corporate customer, ABBANK will provide

Annual Report 2010

varied for all types of customers including

Annual Report 2010

communication bill payment service; SMS

THE DETAILED PLAN IN 2011:

3.2 MEDIUM AND LONG TERM DEVELOPMENT STRATEGIES

Annual Report 2010

REPORT OF THE BOARD OF DIRECTORS

Annual Report 2010

By the end of the financial year 2010, ABBANK completed 2

Annual Report 2010

REPORT OF THE BOARD OF DIRECTORS

PERFORMANCE AGAINST BUDGET:

Annual Report 2010

DEVELOPMENT PROSPECT IN 2011

The development prospect of ABBANK in

Annual Report 2010

REPORT OF THE BOARD OF MANAGEMENT

In 2010, Vietnams economy experienced a difficult year with

REPORT OF THE BOARD OF MANAGEMENT

mobilization from economic organizations.

The complicated situation of the capital

The total capital mobilization from economic

Despite difficulties, the capital mobilization

Annual Report 2010

Last year, ABBANK cooperated with the units

meet requirements of customers. The bank

Outstanding loan structure:

highlight in 2010 is the short-term objective

Unit: VND billion

In terms of lending term, the total short-term

TRADE FINANCE AND RELATION WITH

Annual Report 2010

REPORT OF THE BOARD OF MANAGEMENT