Agribank board member becomes new chairman of SCB

September 25, 2023 | 10:22
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Phan Dinh Dien, a member of Board of Directors of Agribank, has been appointed chairman of the Saigon CommercialBank (SCB) effective September 22, following a decision by the State Bank of Vietnam (SBV).
Agribank board member becomes new chairman of SCB

Dien succeeds Vu Anh Duc, who, after serving a one-year tenure as chairman of SCB, has returned to VietinBank, assuming a significant role.

The newly appointed chairman, Dien, boasts an impressive tenure of nearly 30 years within the banking and finance sector. Throughout his career, he has held various leadership positions, ranging from department head and branch leadership to a member of Agribank's Board of Directors.

Under Dien’s leadership, regulatory authorities anticipate that SCB will maintain its stability, ensuring safety and swiftly achieve its comprehensive restructuring objectives.

In October last year, in the wake of numerous SCB branches recording mass cash withdrawals by the public, the SBV placed SCB under special surveillance. This strategic move was intended to exert stringent control, minimising adverse impacts on the bank and the broader credit organisation system.

Historically, many banks have experienced similar intensive oversight, but have subsequently recovered and flourished.

After more than a year under this unique oversight, the SBV indicated that SCB's operations are gradually stabilising, effectively addressing challenges and prioritising its restructuring plan.

Furthermore, the regulatory body on September 18 proposed a review and a policy decision on the SCB's restructuring to the government.

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Trung Yen Branch of Agribank has announced its third debt auction related to Tan Hoang Minh Group as several of the group's prime Phu Quoc properties, valued at millions of US dollars, are being put up for auction by the bank. Several affiliated companies have also defaulted on loans secured against their real estate assets.

SBV proposes restructuring of SCB SBV proposes restructuring of SCB

Saigon Commercial Bank (SCB) is set to undergo a restructuring process, pending the government's assessment and subsequent decision.

By Lam Tien

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