Ho Hung Anh, chairman of creditor Techcombank, is no longer on Forbes’ billionaire list after his assets fell under the $1-billion mark
Anh’s total assets were estimated at $967.2 million as of Thursday, down more than $700 million against last year’s ranking, according to Forbes.
TCB shares of Techcombank had hit floor price for three out of its four sessions this week, taking its share price down from VND22,050 ($0.94) on Monday morning to VND17,950 ($0.77) by the end of Thursday’s session, a 18.59 percent drop, and shaving around VND11.68 trillion ($500.28 million) off the stock’s market cap.
Anh first made the Forbes billionaire list in March last year to become the 1,349 richest person in the world with a net worth of $1.7 billion.
Anh started out by trading goods between Eastern Europe and Vietnam in the 1990s and invested in Techcombank in 1995.
He became a shareholder of Techcombank in 1995, its deputy CEO in 2006 and chairman in 2008.
Techcombank recorded the second highest profit in Vietnam’s banking system last year with a gross profit of over VND12.8 trillion ($553 million), a 20 percent plus increase over the previous year. Its profit structure, however, encountered significant changes compared to the earlier period.
Vietnam had five billionaires by the end of 2019, with the figure expected to rise to six in 2024, according to global property consultant Knight Frank’s Wealth Report 2020.