Restructuring process has seen a number of changes at the top at local banks.
With a policy in place to promote the restructuring of Vietnam’s banking sector, from now to the end of the year there is expected to be some volatility in banking personnel, especially high-level personnel.
Over the next month Southern Bank and Sacombank are expected to hold extraordinary shareholders meeting to carry out their merger. According to the State Bank of Vietnam (SBV), Mr. Tram Be, Deputy Chairman of the Board at Sacombank, committed to authorizing indefinitely the SBV or individuals assigned by the SBV to implement the rights of shareholders as prescribed by law and the charter of Southern Bank. Thus, once again senior personnel at Sacombank will change, after changing its Chairman three times.
Eximbank, meanwhile, is also in a period of restructuring its senior and high-level personnel. Despite holding the Chairman position, when addressing the annual shareholders meeting in July this year, Mr. Le Hung Dung said he would withdraw from the Board for the next term (2015-2020). The bank plans to conduct extraordinary shareholder meetings this month. The head of Eximbank told local media that the SBV may appoint high-end personnel at the bank.
Besides Sacombank and Eximbank, in the past two months three other banks have also seen changes in senior personnel. Saigonbank announced a change of Chairman to its shareholders, with Mr. Nguyen Phuoc Minh retiring on September 1 from the position for the 2013-2017 term. Board Member Mr. Tran Quoc Hai took on the post of Chairman.
Nam A Bank also surprisingly conducted an extraordinary shareholders meeting to announce the resignation of Chairman of Mr. Nguyen Quoc Toan and assign Mr. Phan Dinh Tan, Deputy Chairman of the Board, to the post. The new Chairman told the meeting that Nam A Bank would continue to develop into the future. It is implementing plans to increase its charter capital to VND4 trillion ($180 million) but has yet to succeed in doing so.
Changes to senior personnel at DongABank at the end of August also attracted a lot attention. After falling under the control of the SBV, Mr. Tran Phuong Binh, former CEO, and Ms. Nguyen Thi Ngoc Van, former Deputy General Director, were both suspended, and with the resignation of Mr. Cao Sy Kiem, former Chairman of the Board, the bank had a new Chairman appointed on August 27. The SBV assigned Mr. Vo Minh Tuan as a Board Member, with other Members subsequently agreeing to Mr. Tuan becoming Chairman.
Although the shareholder meeting season has ended it is expected that changes in senior personnel at banks will continue in the future.