PG Bank Chairman resigns after 3 months in office

Petrolimex Commercial Joint Stock Bank (PG Bank – UPCoM: PGB) has just announced unusual information that the bank's Board of Directors has received a resignation letter from the Chairman of the Board of Directors and a withdrawal from the position of member of the Board of Directors from Mr. Nguyen Phi Hung.

In his resignation letter, Mr. Hung said that during his time working at PG Bank, he received the trust, companionship and cooperation of all staff and helped PG Bank achieve certain successes.

However, due to personal reasons, he submitted an application to the General Meeting of Shareholders and the Board of Directors of PG Bank to resign from the position of Chairman of the Board of Directors and withdraw from the position of Member of the Board of Directors of PG Bank for the 2020-2025 term.

Notably, Mr. Hung has only been in the position of Chairman of the Board of Directors for 3 months. Specifically, on July 2, the Board of Directors of PG Bank dismissed Mr. Oliver Schwarzhaupt from the position of Chairman of the Board of Directors according to his personal wishes. At the same time, Mr. Hung was appointed as Chairman of the Board of Directors to replace Mr. Oliver Schwarzhaupt.

Finance - Banking - PG Bank Chairman resigns after 3 months in office — Mr. Nguyen Phi Hung - Chairman of the Board of Directors resigned after only 3 months in office.

At the same time, PG Bank assigned Mr. Pham Manh Thang to the position of Acting General Director and on September 15, Mr. Thang officially became General Director.

Mr. Hung's resignation comes at a time when PG Bank will hold its 2023 Extraordinary General Meeting of Shareholders on October 23. The meeting is scheduled to be held at G3, G4 Hotel - The Five Villas & Resort Ninh Binh, Yen Thang Commune, Yen Mo District, Ninh Binh Province.

The content of the General Meeting of Shareholders is to complete the personnel of the Board of Directors and the Board of Supervisors; increase charter capital; change the trade name and head office location. In addition, the General Meeting of Shareholders will also approve the restructuring plan associated with bad debt settlement for the period 2021-2025.

In recent times, PG Bank has had continuous changes in senior personnel. Most recently, on September 14, Vice Chairman of the Board of Directors Nguyen Tien Dung also resigned from his position and withdrew from the Board of Directors for personal reasons.

In addition, two foreign members of the Board of Directors, Mr. Oliver Schwarzhaupt and Mr. Nilesh Ratilal Banglorewala (independent members), also submitted their resignations from the Board of Directors on August 25.

Thus, out of the 6 members of the Board of Directors of PG Bank, 4 have resigned, leaving only 2 people, Mr. Nguyen Manh Hai and Mr. Dinh Thanh Nghiep .

Thu Huong

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