ACB has new board chairman

September 21, 2012 | 08:11

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Tran Hung Huy has just been named board chairman of Asia Commercial Bank (ACB) to replace Tran Xuan Gia, who together with two other board members Trinh Kim Quang and Le Vu Ky officially resigned during the bank’s meeting on Tuesday.

>> Chairman, 2 deputies suddenly resign from ACB

Huy’s new post was clarified by the bank in notices sent to the State Bank of Vietnam (SBV) for approval, and to the Hanoi stock market where the bank is listed.

According to regulations, any change in board members of a credit institution must be approved by the central bank. ACB will publicize the information after it gets approval from the central bank.

Sources from ACB and the central bank told the Daily that Gia resigned due to health problems while Quang and Ky stepped down due to personal reasons.

Apart from Tran Hung Huy, who will take over the post of chairman of ACB, a representative of Standard Chartered Bank, which holds a 15% stake in ACB, will hold the post of permanent vice chairperson. Luong Van Tu remains the bank’s independent board member.

Meanwhile, the board of directors of Vietnam Export Import Commercial Bank (Eximbank) in a press briefing on Wednesday announced that it had approved a letter of resignation tendered by vice chairman Pham Trung Cang due to personal reasons.

However, Eximbank chairman Le Hung Dung said that this resignation related to Cang’s responsibilities while he was working at ACB. At that time, Cang signed a document letting Ly Xuan Hai, former CEO of ACB, help 19 individuals deposit VND718 billion in VietinBank. Relevant investigators have alleged Hai’s act as intentional violations.

Dung also said that Cang’s resignation would cause some impact, but not much, to the bank’s operations.

“Eximbank has foreseen scenarios possible to occur to the bank’s liquidity. However, there are no worries as we have strong financial capability and support of the central bank,” Dung added.

Saigon Times

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