The State Bank of Vietnam (SBV) on Friday announced that it had made a decision approving the merger of Phuong Nam Bank (PNB) and Saigon Thuong Tin (SacomBank) and ending the management role of Mr. Tram Be and his son Tram Khai Hoa at Sacombank.
The former two executives had previously filed their resignation to the Sacombank board of directors and the State Bank of Vietnam.
According to the announcement, the decision bases on the proposal by Tram Be and Tram Khai Hoa after the restructuring of PNB and Sacombank approved by the Prime Minister.
The end of their management role in the bank accords with the roadmap and solutions to implement the two banks’ restructuring plan and the Government’s plan to settle deep debts in the period of 2011-2015.
Mr. Tram Be and relevant individuals are still responsible for tackling problems at Sacombank as per the law.
SBV said that it would instruct Sacombank to organize a shareholders’ meeting in April to strengthen its management apparatus, approve matters related to the bank restructuring, continue solutions to ensure the rights of depositors and the safety of the banking system, stabilize organization and develop Sacombank after the merger.