Upheavals in banking sector: many managers are replaced
During this year’s shareholders’ meeting season, big changes in shareholders’ structure have been made and many bank managers have been replaced.
VietBank (VBB) has officially appointed Le Huy Dung to the post of VietBank’s CEO. He took the office on March 8.
On the same day, Nguyen Tien Sy was appointed to the post of deputy CEO.
Prior to that, on February 23, VietBank unexpectedly announced that Duong Ngoc Hoa had resigned from the post of president and Bui Xuan Khu, who was deputy minister of industry and trade, took the post.
In early February 2021, Kien Long Bank elected Le Hong Phuong as chair of the board of directors for the 2018-2022 term from February 1, 2021.
The bank aims to complete the settlement of bad debts with mortgaged assets (STB shares of Sacombank) this year and reduce the bad debt ratio to below 2 percent of total outstanding loans. It will also apply measures to prevent new bad debts, manage risks and increase revenue from non-credit services.
Personnel changes are usually seen in shareholders’ meeting seasons in recent years. However, analysts commented that the movement is stronger this year.
Earlier this year, Techcombank decided to appoint Kalyanaraman Sivaramakrishnan to the post of deputy CEO and Risk Management Director of the bank, commencing on January 10.
In late 2020, a foreigner, Chen Yi-Chung (Jeremy Chen), took office as acting CEO of SCB to replace Hoang Minh Hoan, who is now permanent deputy CEO.
The appointment was made when SCB was implementing the sustainable development strategy for 2020-2030 with strategic consultancy from McKinsey & Company.
At the shareholders’ meeting to be held on March 30, PG Bank is expected to mention the M&A plan which has been delayed for five years.
Analysts note that many high-ranking personalities from MSB have been appointed to important posts at PG Bank.
Nguyen Phi Hung, former deputy CEO of MSB, has been appointed acting CEO of PG Bank. Prior to that, Hoang Xuan Hiep, who held high-ranking posts at MSB, has become deputy CEO of PG Bank.
MSB and PG Bank have had close relations for some years. The 2018 annual report of MSB showed that on December 31, 2018 MSB was a big shareholder of PG Bank with 9.98 percent of shares.
At Kien Long Bank, investors can see the presence of Sunshine Group. On January 30, Kien Long Bank elected Le Hong Phuong, former CEO of BB Group, as president, and elected Tran Thi Thu Hang, CEO of Sunshine Group, as deputy chair.
For 2021, the firm expected Vn-Index to fluctuate in range of 1,070-1,250.
The chronic congestion on the Ho Chi Minh City Stock Exchange (HoSE) has caused losses for retail investors, making them insecure.