SBV decides to allow bank to appoint General Director after period of special control.
VET reported recently that the State Bank of Vietnam (SBV) had assigned BIDV personnel to replace leaders at Dong A Bank, but the central bank has now reversed that decision.
On the morning of August 24 Dong A Bank announced the appointment of a new General Director, replacing Mr. Tran Phuong Binh.
Mr. Nguyen An, Deputy General Director, was appointed as the new General Director by the bank’s Board of Management. Documents relating to the appointment will be sent to the SBV for approval.
Dong A Bank’s Board of Management also assigned Mr. Huynh Phuoc Long, representative of the State’s shares at Dong A Bank, to be a member of its Board, replacing Mr. Binh.
A representative from the SBV’s Ho Chi Minh City branch told a press conference that after supervising the bank’s situation while it was under special control the SBV has now empowered Dong A Bank to make its own personnel decisions. After ten days of being under special control the bank performed well in terms of liquidity, without any support from the SBV or BIDV.
Dong A Bank also previously announced that, from August 13, its shareholders are not allowed to trade their shares.