Sunday, 17 Feb 2019

Many banks shuffle senior management in 2018

Updated at Wednesday, 02 May 2018, 13:52
The Hanoitimes - The domestic financial market has witnessed major changes in top personnel in many banks at the 2018 annual general meeting (AGM) season.
At Vietcombank’s AGM on April 27, Truong Gia Binh, chairman of the technology-communications giant FPT Corporation, became the newest management board member at Vietcombank.
Vietcombank has a new management board member for the 2018-2023 period
Vietcombank has a new management board member for the 2018-2023 period
Binh was voted by 91.73 per cent of the total voting shares, equal to three billion shares at the meeting, becoming one of the board members along with seven other people.
A day earlier, at Kien Long Bank’s AGM, the bank elected the Board of Directors (BoD) and Supervisory Board (SB) for the new term, with Le Khac Gia Bao replacing Vo Quoc Thang as chairman of the bank. 
Born in 1979, Bao has more than 17 years of experience in the banking and auditing sectors and has been head of Kien Long Bank’s SB for five years.
At ABBank’s AGM on April 25, its chairman Vu Van Tien also decided to quit to become the chairman of Geleximco to meet the central bank’s regulation. Tien had served as ABBank’s chairman for 15 years.
Dao Manh Khang, who has more than 15 years of experience in the banking industry, will replace Tien as ABBank’s chairman.
On April 20, Sacombank’s AGM approved the resignation of board member Kieu Huu Dung as per his desire and elected CEO Nguyen Duc Thach Diem as board member for the term 2017-21 while also appointing Nguyen Van Huynh as independent board member for 2017-21.
Meanwhile, LienVietPostBank’s AGM changed its BoD and SB for the new term 2018-23. The bank’s new chairman is its former deputy chairman, Nguyen Dinh Thang. Former chairman Nguyen Duc Huong was earlier asked to leave the post due to health reasons.
ACB also elected its BoD and SB for the new term. The central bank approved ACB’s election of eight candidates as BoD for the new term of 2018-23. The candidates include Tran Hung Huy, Nguyen Thanh Long, Dominic Scriven, Dinh Thi Hoa, Dang Thu Thuy, Dam Van Tuan, Hiep Van Vo (independent board member) and Huang Yuan Chiang (independent board member).
ACB had originally announced a list of 11 nominees and self-nominees (of which ACB nominated 10 and the shareholders’ group, holding more than 10 percent stake, nominated one), but the central bank did not approve the candidature of three nominees---Nguyen Van Hoa, deputy CEO of ACB; Do Minh Toan, CEO of ACB and Nguyen Duy Hung, nominated by the shareholders’ group and related to the bank’s former chairman, Nguyen Duc Kien.
It is predicted that senior personnel in the banking sector will continue to be changed in the near future as many bank leaders will have to choose between bank and business as per the central bank’s regulation. 
Under the revised Law on Credit Institutions that took effect from early this year, leaders at banks are not allowed to hold management positions in enterprises. Accordingly, chair of the BoD, chair of the member board, and general director of credit institutions cannot be the chair and member of BoD, or chair and member of the board of members, general director, deputy general director, or other equivalent titles in any other enterprises.
The new regulation has taken effect since January 15; however, under the transitional provision of the law, these leaders may continue to concurrently hold the two positions until the end of their term, or the expiry date of the appointment at the bank.
Owing to the regulation, many bankers have to choose whether to stay at the bank or switch to a business.
Ha Thu
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