High-level personnel changes at PG Bank, who is Mr. Dao Phong Truc Dai?

"Completely change" senior personnel

The process of restructuring the senior personnel at PG Bank has not yet ended. On October 26, the bank announced the dismissal and termination of the labor contract of Mr. Do Thanh Cong, Deputy General Director and Director of the Re-evaluation and Approval Division, effective October 23.

Mr. Cong has been working at PG Bank since December 12, 2021. On October 20, Mr. Do Thanh Cong submitted a request to terminate his labor contract early for personal reasons.

At the extraordinary general meeting of shareholders on October 23, PG Bank shareholders also voted to dismiss a series of personnel from the Board of Directors, and elected new members of the Board of Directors and the Supervisory Board.

Accordingly, Mr. Nguyen Phi Hung (Chairman of the Board of Directors), Mr. Nguyen Tien Dung (Vice Chairman of the Board of Directors), Mr. Nguyen Manh Hai (member of the Board of Directors), Mr. Oliver Schwarzhaupt (member of the Board of Directors), Mr. Nilesh Banglorewala (independent member of the Board of Directors), Ms. Duong Anh Tuyet (Head of the Supervisory Board) and Mr. Nguyen Tuan Vinh (member of the Supervisory Board) were dismissed.

At the same time, the congress elected Mr. Pham Manh Thang, General Director, as Chairman of the Board of Directors for the 2020-2025 term. Mr. Dao Phong Truc Dai, Chairman of the Board of Directors of Viet Hung Industrial Park Development JSC, as Vice Chairman of the Board of Directors.

PG Bank also appointed Ms. Dinh Thi Huyen Thanh, Permanent Deputy General Director, as Acting General Director. Mr. Vuong Phuc Chinh, Director of Retail Banking Services, as a member of the Board of Directors. Mr. Nguyen Thanh Lam, Chairman of the Board of Directors of Blue Ocean Consulting and Investment JSC, as an independent member of the Board of Directors.

hdqt pg bank.jpg — *PG Bank's new Board of Directors was introduced at the extraordinary General Meeting of Shareholders on October 23.*

Regarding the new personnel of the Board of Supervisors, Mr. Tran Ngoc Dung, Head of Internal Audit of PG Bank, was elected as Head of the Board of Supervisors. Mr. Trinh Minh Hoan, former Chief Auditor - Major I, State Audit, was elected as a member of the Board of Supervisors.

Who are the Chairman and Vice Chairman of the Board of Directors?

Among the new members of the Board of Directors of PG Bank, Mr. Dao Phong Truc Dai not only attracts attention because of his impressive name, he is also the operator of a number of businesses in the Thanh Cong Group ecosystem.

Mr. Truc Dai was born in 1975 in Hai Phong. He is the General Director and member of the Board of Directors of PV – Inconess Investment Joint Stock Company (code RGC). RGC operates in many fields, the main field of which is golf courses.

In the third quarter of 2023, RGC achieved revenue of nearly 33 billion VND, an increase of 35% over the same period, mainly from golf services. However, RGC still lost 4.4 billion VND in the third quarter. In the first 9 months of the year, the company achieved cumulative revenue of 100 billion VND and a loss after tax of 8.6 billion VND. This enterprise even reported losses for 12 consecutive years with an accumulated loss of 169 billion VND.

RGC is implementing two major projects in Tam Diep town and Yen Mo district, Ninh Binh province, including the Yen Thang Lake 54-hole golf course and tourism complex, with an area of 670 hectares and a total investment of 103 million USD, and the Dong Thai Lake Eco-tourism Project, with an area of 2,185 hectares and a total investment of 369 million USD.

RGC is essentially a business belonging to the Thanh Cong Group ecosystem. In 2018, RGC approved TCG Land Company Limited, a company 100% owned by Thanh Cong Group Corporation, to transfer 75% of its shares without having to go through a public offering procedure.

Currently, the Chairman of the Board of Directors of RGC, Mr. Nguyen Anh Tuan, is also the Chairman of the Board of Directors of Thanh Cong Group.

In addition to his role as Vice Chairman of the Board of Directors of PG Bank, General Director of PV - Inconess (RGC), Chairman of the Board of Directors and General Director of Viet Hung Industrial Park Development JSC, Mr. Dao Phong Truc Dai is also the legal representative at enterprises in the ecosystem of Thanh Cong Group such as: Vietnam Automobile Industry Development Company Limited, Representative Office of Thanh Cong Viet Hung Technology Complex Industrial Park JSC, Representative Office of Thanh Cong Quang Ninh Company Limited, Representative Office of The Five Ha Long Company Limited.

It is known that during the period 1996 - 2004, Mr. Truc Dai worked in the transportation industry and participated in a series of projects across the country.

From July 2004 to September 2007, he worked as Deputy Head of Bidding Project Department, then Head of Project Management Department, Thanh An Corporation - Ministry of National Defense. After that, Mr. Truc Dai worked as Deputy Head of Trung Hoa - Nhan Chinh Apartment Project Management Board.

March 2008 marked the milestone when Mr. Truc Dai began participating in the real estate sector as Deputy Director of Military Bank Real Estate Company and Director of My Dinh Real Estate Investment Joint Stock Company.

In September 2013, he became Deputy General Director of PV – Inconess and became a member of the Board of Directors of this company from 2014 to present. From 2016 to present, he has been a member of the Board of Directors and General Director of PV – Inconess.

Meanwhile, the new Chairman of the Board of Directors of PG Bank, Mr. Pham Manh Thang, born in 1962, former Deputy General Director of Vietcombank, has just retired from May 1, 2023.

Two months after receiving the retirement decision, in July 2023, Mr. Thang was appointed as Acting General Director of PG Bank, replacing Mr. Nguyen Phi Hung, who was then elected Chairman of the Board of Directors.

On October 23, PG Bank's extraordinary general meeting of shareholders elected Mr. Pham Manh Thang as Chairman of the Board of Directors for the 2020-2023 term.

Mr. Thang has a PhD in Economics - Banking Academy; Applied Mathematics Engineer - Hanoi University of Science and Technology; Bachelor of Economics - National Economics University.

He used to work at the State Bank of Quang Ninh province; Deputy Director of Vietcombank Quang Ninh province branch and then Director of Vietcombank Hai Duong province branch.

In March 2014, he was appointed to the position of Deputy General Director of Vietcombank until his retirement.

Former Vietcombank boss becomes Chairman of PG Bank Mr. Pham Manh Thang, former boss of Vietcombank, was elected Chairman of the Board of Directors of PG Bank.

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