PG Bank Chairman has resigned before he can even 'warm up' his position

On October 2, the Board of Directors of PG Bank received a resignation letter from Chairman Nguyen Phi Hung. At the same time, Mr. Hung also withdrew from his position as a member of the Board of Directors.

Mr. Hung gave the reason as “personal reasons”. Mr. Hung used to be the General Director of PG Bank.

Mr. Hung only took over the position of Chairman in July 2023, replacing Mr. Oliver Schwarzhaupt, who had previously submitted a resignation letter based on his personal wishes.

PG Bank will hold an extraordinary general meeting of shareholders to approve Mr. Hung's resignation.

He was also a senior leader at MSB Bank before joining PG Bank. This sparked rumors that MSB and PG Bank would merge. However, Mr. Hung himself later corrected the information before shareholders at the 2023 Annual General Meeting of Shareholders.

After major shareholder Petrolimex withdrew from PG Bank, the bank has been experiencing continuous changes in senior personnel. Previously, on September 14, Vice Chairman Nguyen Tien Dung also resigned from his position and withdrew from the Board of Directors for personal reasons.

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

PG Bank will hold an extraordinary shareholders' meeting on October 23. The meeting will complete the personnel of the Board of Directors and the Supervisory Board, approve the plan to increase charter capital; change the trade name and head office location. In addition, the meeting will also approve the restructuring plan associated with bad debt settlement for the period 2021-2025.

Notably, this congress will be an opportunity for the new group of shareholders to officially debut. This is the group of shareholders who bought back 119 million shares from Petrolimex. In early September, the State Bank of Vietnam also officially approved these three legal shareholders and recognized them as major shareholders of PG Bank.

Specifically, these 3 shareholders include Gia Linh Import-Export and Trade Development Company Limited (holding more than 39.29 million PG Bank shares, equivalent to 13.099% of voting shares).

Cuong Phat International Joint Stock Company (more than 40.62 million shares, equivalent to 13.541%) and Vu Anh Duc Trading Joint Stock Company (more than 40 million PG Bank shares, equivalent to 13.359%).

(Source: Vietnamnet)

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