MB names Luu Trung Thai as new chairman

April 14, 2023 | 16:09
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Military Commercial Joint Stock Bank (MB) has just announced a resolution from the Board of Directors for the removal of Senior Lieutenant General Le Huu Duc from the position of chairman of the board.
MB names Luu Trung Thai as new chairman
Le Huu Duc, Luu Trung Thai, and Pham Nhu Anh

Luu Trung Thai, vice chairman of the board and CEO of MB, succeeds Senior Lieutenant General Le Huu Duc to become chairman for the remainder of Duc’s tenure for the 2019-2024 period, effective from April 12.

Pham Nhu Anh, deputy CEO of the bank, becomes the deputy executive officer in charge of the bank’s Board of Directors.

Senior Lieutenant General Duc resigned from the position of chairman of MB's Board of Directors for personal reasons and proposed the General Meeting of Shareholders to approve his resignation.

Duc boasts extensive experience in the banking sector. He led MB for 12 years, overseeing three strategic phases and instigating an advanced management and operating platform. He leaves behind a strong impression on the bank's orientation. Under his leadership, MB experienced tenfold profit growth and rose to become market leader in scale and efficiency.

Speaking with VIR, Luu Trung Thai said, “I have been extremely lucky in my career to have worked with Senior Lieutenant General Duc, one of the greatest financial service leaders in Vietnam's history, as he led MB to become the comprehensive financial ecosystem it is now. He is a natural-born leader, who places a premium on creating a favourable and professional environment where MB’s staff feel deeply encouraged.”

Born in 1975, Thai earned an MBA from the University of Hawaii in the United States. During his 26 years at MB, he has worked his way through various roles within the MB Group’s main departments.

Since he joined the Board of Directors in 2013, MB has attained a strong foothold in the banking and financial market. Following a successful reorganisation between 2013-2017, a multi-functional financial ecosystem comprising six subsidiaries was established, and the bank became one of the top five most efficient banks.

In addition, the bank has garnered a number of prestigious awards, such as featuring in Vietnam's top 30 largest businesses and top 10 listed companies with the largest market capitalisation.

After its 5-year period of development, MB is set to embark on further transformation in its next phase from 2022 to 2026, as it aims to become a digitally led financial giant on a continental scale.

With nearly 20 years of experience under Pham Nhu Anh's belt, the 1980-born bank executive has held several roles throughout his journey with MB, including branch manager, division manager, southern regional sales manager, and member of the Board of Directors.

During the 2007-2017 period, Anh served as the director of a number of branches in the central and southern regions. He was appointed to the position of head of the Corporate and Institutional Banking (CIB) division in April 2017.

He was also selected as a member of the Board of Directors in August 2020, giving him oversight over MB's southern region and the CIB division's commercial operations.

With the fresh transition that has resulted from this senior management reshuffle, MB will swiftly implement the group's strategic plan for the 2022-2026 period, with the goal of becoming one of the top 3 most efficient banks, and one of the top banks overall in Asia.

By providing a wide range of digital banking services, MB has strengthened its position as a market leader even in times of uncertainty.

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