Two leaders of PGBank have stepped down

The Deputy General Director and independent members of the Board of Directors of PGBank both submitted their resignation letters a few days before the shareholders’ meeting. Mr. Nguyen Thanh To, Deputy General Director of PGBank in charge of the Balance and Capital Business Division, submitted his resignation effective from May 21. In his application signed on April 15, Mr. To cited personal reasons for leaving after more than 14 years of service at PGBank.

One day after Mr. To’s resignation, Mr. Nguyen Thanh Lam, an independent member of the Board of Directors, also resigned for personal reasons. Mr. Lam is scheduled to join the Board of Directors of PGBank from October 2023. These personnel changes come right before the 2024 annual shareholder meeting, which is scheduled to be held this weekend.

In mid-March, the bank appointed three new deputy general directors, including Mr. Tran Van Luan, Le Van Phu, and Nguyen Trong Chien. These changes follow after the Vietnam Petroleum Group (Petrolimex) divested all 40% of its capital contribution in PGBank, which was then sold to three investors in an auction in April 2023.

After an extraordinary shareholder meeting in October 2023, Mr. Pham Manh Thang, former Deputy General Director of Vietcombank, was elected Chairman of the Board of Directors. Mr. Dao Phong Truc Dai, Vice President of the bank, was born in 1975 and previously represented the group of shareholders of Thanh Cong Group in Eximbank.

PGBank is set to change its name and identity to Prosperity and Development Joint Stock Commercial Bank by the end of 2023. The bank aims to achieve total net revenue of over 2,000 billion VND, a nearly 50% increase from the previous year, with pre-tax profits expected to reach 554 billion VND, a nearly 60% increase. Total assets of the bank are projected to increase by more than 14%, reaching over 63,500 billion VND.