ABBANK: Raises interest rate to 14.34%/year

28/05/2008 00:00:00 - views: 2,520

On 19 May 2008, An Binh Commercial Joint Stock Bank (ABBANK) officially raised the interest rates to 14%/year for 1-month-period savings, 14.20%/year for 3-month-period savings, 14.25%/year for 6-month-period savings, 14.34%/year for 12-month-period savings and 14.4%/year for 13-month-period or more savings.

In terms of the current interest rates, Mr. Luu Duc Khanh, General Director of ABBANK said that: “The common interest rates will fluctuate from 13.5% to 15% depending on the strategies of banks which either aim at short-term or long-term benefits. Particularly in ABBANK, we plan to balance the two kinds of benefit. AABANK has set the interest rates at a reasonable level so that not only can the bank pursue profit but also customers will be compensated for inflation. We have raised the interest rates to a level that guarantees competitiveness and attraction to convince customers, especially long-term customers. In addition, ABBANK will strengthen the control of costs and will increase the income form services to raise profit for shareholders.” 
In parallel with increasing interest rates, ABBANK is still carrying out the promotion campaign under the theme “Become a billionaire with only VND 1 million” from now to 7 August 2008. Customers just need to send VND 1 million or USD 50 or more to receive a code with which they can attend the reward program on 17 August 2008. After 7 days of launching the program, ABBANK has mobilized more than VND 150 billion, increasing the total mobilization of the four first months to VND 7900 billion, which is 70% of the year plan.

Theo: Ha Van Ngoc

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