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RETAIL BANKING | Cesar Tordesillas, Vietnam
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Sacombank unaffected by chairman’s resignation

It's business as usual for Sacombank.

The bank announced this after ther resignation of its chairman, assuring that preparations had been made for the personnel change.

Dang Van Thanh had resigned as chairman and was immediately replaced by Deputy Chairman Pham Huu Phu.

Despite reports describing the resignation as a surprise move, Phu said it had been anticipated.

“Thanh had asked for a resignation on July 10, but some shareholders wanted him to remain in the position until the State Bank of Vietnam completed its inspection at Sacombank,” said Phu.

“The inspection ended on October 5. After Thanh was summoned by the police, the management board held a meeting and reached an agreement to allow Thanh to resign as per his previous request,” he said.

The new chairman said in fact he and Tram Be, another deputy chairman, have been handling the managerial responsibilities at the bank since May.

“So Thanh’s resignation doesn't affect the management at Sacombank,” Phu said, adding that Thanh now owns 4 percent of the bank and his son, Dang Hong Anh, holds 3.46 percent.

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