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WHOLESALE BANKING | Cesar Tordesillas, Vietnam

Eximbank takes control of Sacombank board

Eximbank will now control Sacombank's board of directors after investing about VND1.6 trillion or US$76.2 million in the said bank.

This was announced by Eximbank chairman Le Hung Dung at the EIB shareholders meeting.

EIB currently holds 9.73 per cent of equity in STB, and Dung said EIB had received authorisation from other shareholders representing a total of 53 per cent of STB's charter capital.

EIB shareholders also approved the dismissal of Pham Huu Phu from his post as a member of Eximbank's board for the 2010-15 term and nominated him for election to the STB board at the latter bank's shareholders meeting on May 26.

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