Volatility in top management positions at banks

Choosing the right people and talent retention are growing concerns among banks

The Bank for Investment and Development of Vietnam (BIDV), a major state-owned commercial lender, has just announced changes in the top management.

Accordingly, Doan Anh Sang was removed as deputy general director from August 31, 2018.

Sang and his relatives currently hold more than 20,000 stocks of the bank (ticker BID). Sang also represents more than 31.8 million BID stocks possessed by the bank’s Securities JSC.

The position of the bank’s chairman is still vacant after Tran Bac Ha, former BIDV chairman, retired in September 2016.

On May 3, 2018 Bui Quang Tien, a member of the Board of Management who represents the 30 per cent state capital at BIDV, was assigned to manage the operations of the bank’s Board of Management to replace Tran Anh Tuan.

Meanwhile, there have been several changes in top management position at Ho Chi Minh City-based private lender Sacombank after new chairman Duong Quang Minh took office. Notably, the bank announced replacing two deputy general directors, Nguyen Ngoc Que Chi and Nguyen Thi Le An, from September 10 and September 20, 2018, respectively.

According to Sacombank, the change was based on the executives’ personal aspirations and it meets the bank’s restructuring efforts to streamline its operation and management apparatus in the post-merger era.

With the move, Sacombank’s Board of Management currently features 15 members.

Another Ho Chi Minh City lender ACB has just announced the removal of Nguyen Thanh Toai from the deputy general director position.

While many banks have been removing top managers, some others have been appointing new leaders.

For instance, ANZ Vietnam has appointed Jodi West as its new CEO from August 13, 2018.

Similarly, Deutsche Bank has announced the appointment of Hans Dieter Holtzmann as chief country officer and head of Global Transaction Banking (GTB) in Vietnam from August 16, 2018.

Among local banks, private Kienlong Bank has just announced Pham Thi My Chi as its new deputy general director, while ABBank named its new CEO, Duong Thi Mai Hoa, in late July 2018.

VIB was reported to have a new director, Ha Hoang Dung, who took charge of the risk management division from July 30. Dung has been working for the bank for 10 years.

The banking sector was regarded as one of the most appealing fields in terms of wage and remunerations. The field, however, also sees a great number of managers leave due to the heavy pressure.

A recent survey by Navigos Group, a leading online recruitment firm in Vietnam which owns job search site VietnamWorks and executive recruitment firm Navigos Search, showed that most interviewed bank employees talked of varying degrees of pressure at work and only 8 per cent claimed to be satisfied with their current work.