Major shake-up at struggling bank as SBV acts.
The State Bank of Vietnam (SBV) has announced the termination of some leaders on GPBank’s Board of Management and assigned replacements. Mr. Ta Ba Long, Chairman and Board Member, who holds 7.75 million of GPBank shares, or VND50.5 billion ($2.31 million) (as at the end of 2014), is one who was terminated. He also holds around 7 million shares in the PetroVietnam Finance Investment Joint Stock Company. He joined GPBank in 2003 and has been its Chairman since 2004.
Ms. Ta Thu Thuy, daughter of Mr. Long, and Mr. Doan Van An, Vice Chairman of GPBank, are also no longer on the bank’s Board of Management.
The SBV assigned Ms. Tran Thi Le Nga, former leader of Vietinbank’s Supervisory Board, to be its representative at GPBank.
GPBank was one of nine banks directed to reorganize in 2012 but failed to do so as shareholders rejected moves to increase its capital. An international bank based in Vietnam was put forward as a potential suitor but the SBV rejected the move. Its future is in doubt as the SBV has said that it might be bought out at a price of VND0 per share, as happened recently with Oceanbank.