Chairman of Sacombank resigns

The board of directors of Sai Gon Thuong Tin Commercial Joint Stock Bank (Sacombank) has accepted the resignation of Dang Van Thanh after he was summoned by the Police Investigation Agency on November 1.

Pham Huu Phu (standing), the newly appointed chairman of Sacombank at the press conference

The announcement was made by Pham Huu Phu, the newly appointed chairman of Sacombank, at a press conference on Saturday.

Sacombank is presently waiting for an official announcement by the Police Investigation Agency on the summon orders.

Mr. Phu said that the resignation of Thanh was foreseen and he had been asked to step down on July 27. However the State Bank was inspecting Sacombank at that time, as a result Thanh still held his position until the inspectorate completed their work on October 5.

The board of directors of Sacombank plan to sell 15 percent of their stocks to foreign strategic partners within the next four months, he said.

Nguyen Hoang Minh, deputy director of the State Bank in HCMC, said that the State Bank is ready to assist Sacombank to ensure their liquidity. However it still held good as of November 1.

By Hanh Nhung – Translated by Hai Mien

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