Deputy General Director also dismissed by central bank.
The State Bank of Vietnam (SBV) has dismissed the General Director of Dong A Bank, Mr. Tran Phuong Binh, and Deputy General Director Ms. Nguyen Thi Ngoc Van.
It has assigned Mr. Vo Hai Nam, Director of the Risk Management Division of the Bank for Investment and Development of Vietnam (BIDV) to replace Mr. Binh, and Mr. Pham The Nguyen, Deputy Director of Branch 2 of BIDV, to replace Ms. Van.
The annual report of Dong A Bank noted that Mr. Binh was a founder and leader of Dong A Bank for 23 years, with experience in lecturing in economics before taking on the role of bank manager.
In a recent interview with the media Mr. Binh said he planned to re-organize the bank over the next two years then hand over the reins to the next generation of leaders.
He and his family members own 9.6 per cent of the bank, and his sister-in-law represents an organization that owns 5.4 per cent.
A week after the media report the SBV released the results of its inspection of the bank, deciding to place it on the list of those to be under special control. The inspection found that in 2012 and earlier the bank had been in violation of many regulations on financial management, providing credit and conducting other business that seriously affected its financial circumstances.