Julian Fong Loong Choon, who represents Standard Chartered’s stake in Asia Commercial Bank (ACB), has tendered his resignation from ACB’s board of directors in the 2013-2017 term.

ACB is expected to seek approval from shareholders for the matter at a general meeting in HCMC on April 8. Choon, who has worked at Standard Chartered for seven years, is the representative of the foreign bank’s 15% stake in ACB.

Vijay Kumar Maheshwari, who was previously assigned by Standard Chartered to ACB’s board, left the post in January this year after his office term at the local bank ended. ACB then appointed its chief accountant Nguyen Van Hoa to replace Maheshwari.

Standard Chartered has invested in ACB for more than ten years. According to the existing regulations, a foreign institutional investor has to leave a bank’s board 18 months before it transfers shares to other investors.

According to ACB’s earnings results, its after-tax profit neared VND1.03 trillion and total assets stood at VND201.46 trillion in 2015, meeting 99.3% of the target. Its total outstanding loans exceeded VND134.03 trillion, up 2% against the target, and credit grew 15.2%, or VND17.7 trillion, versus 2014. Bad debt accounted for 1.32% of the total outstanding loans, down from 2.2% in 2014.

ACB sold VND752 billion in bad debt to Vietnam Asset Management Company (VAMC) in 2015, down from VND812 billion in the previous year. The bank set aside provisions for risks in five years.

ACB will seek shareholders’ approval for its earnings targets in 2016. The bank looks to obtain around VND1.2 trillion in after-tax profit and have total assets of VND237 trillion, up 18%. Credit is expected to grow 18%, the ceiling set by the central bank.

The lender has a plan to set up or acquire a finance firm, and its board of directors is working on it.