According to DongA Bank's 6-month management report in 2024, the Board of Directors has 6 members: Mr. Nguyen Thanh Tung (Chairman of the Board of Directors, joined the Board of Directors since September 2015 and was appointed by the State Bank as Chairman of the Board of Directors in 2022), Mr. Nguyen Ngoc Tam (appointed in 2022), Mr. Huynh Phuong (appointed in 2019), Mr. Tran Van Dinh (appointed in 2010), Mr. Nguyen Dinh Truong (appointed in 2010), and Mr. Cao Sy Kiem (appointed in 2012).

Notably, Mr. Cao Sy Kiem, former Chairman of the Board of Directors, submitted his resignation in August 2015 and was approved by the Board of Directors of DongA Bank. Although he is no longer a member of the Board of Directors, in theory, Mr. Kiem is still a member of the Board of Directors of this bank.

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In theory, Mr. Cao Sy Kiem is still a member of the Board of Directors of DongA Bank. Photo: SBV.

Mr. Cao Sy Kiem was elected as a member of the Board of Directors of DongA Bank in March 2012 and has held the position of Chairman of the Board of Directors of DongA Bank since April 2014. In July 2015, he was no longer a member of the Board of Directors. In August 2015, DongA Bank was placed under special control by the State Bank of Vietnam.

Explaining why Mr. Cao Sy Kiem has remained on the Board of Directors since then, despite the Board of Directors having approved his resignation, DongA Bank said that according to the law, Mr. Cao Sy Kiem must still wait for the nearest General Meeting of Shareholders to approve his resignation. Meanwhile, DongA Bank has not been able to hold a General Meeting of Shareholders since being placed under special control.

Mr. Kiem's ​​successor is Mr. Vo Minh Tuan. However, on August 1, 2022, the State Bank of Vietnam no longer appointed Mr. Tuan as a member of the Board of Directors and appointed Mr. Nguyen Thanh Tung as Chairman of the Board of Directors.

At the time Mr. Cao Sy Kiem was Chairman of the Board of Directors, Mr. Tran Phuong Binh held the role of Vice Chairman of the Board of Directors and General Director of DongA Bank.

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List of members of DongA Bank's Board of Directors. Source: Management report for the first 6 months of 2024.
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Mr. Cao Sy Kiem did not attend any meetings of the Board of Directors of DongA Bank. Source: Management report for the first 6 months of 2024.

DongA Bank used to be a big brand in the banking and financial market in Vietnam before 2011, especially in card issuance and remittance.

However, the bank has been on a downward spiral since then. While in 2011, the bank achieved a pre-tax profit of VND1,255 billion (a dream number for many banks at that time), and a post-tax profit of nearly VND950 billion, DongA Bank's business results have continuously decreased, although it still recorded a profit. In 2012, the bank made a profit of VND577 billion after tax. This figure decreased to more than VND300 billion in 2013 and VND27 billion in 2014, in the context of a decrease in net interest income and a sharp increase in bad debt.

In 2011, DongA Bank's bad debt ratio was 1.69%, in 2012 it was 3.95%, and in 2013 it was 3.99%. In 2014, one year before being placed under special control, the bank did not disclose its bad debt ratio.

It is known that DongA Bank's bad debt comes mainly from lending to the real estate sector, including the debt of Phat Dat Real Estate Company.

In 2013 and 2014, DongA Bank shareholders did not receive dividends.

In accordance with the direction of the DAB Special Control Board, from August 14, 2015, all DongA Bank shareholders are not allowed to transfer DongA Bank shares. In special cases, the State Bank will consider the transfer of shares based on the proposal of the special control board.

Before being placed under special control, DongA Bank had a charter capital of VND5,000 billion. 100% of shareholders were domestic, of which corporate shareholders accounted for 40.68% and individual shareholders accounted for 59.32%.

Based on the list of shareholders updated on December 31, 2014, the legal entities holding large proportions include: Bac Nam 79 Construction Joint Stock Company (Mr. Phan Van Anh Vu, also known as Vu "Nhom" is Chairman of the Board of Directors) holding 10% of charter capital; Phu Nhuan Jewelry Joint Stock Company (PNJ, the family company of Mr. Tran Phuong Binh and Ms. Cao Thi Ngoc Dung) holding 7.7% of charter capital; Ho Chi Minh City Party Committee Office holding 6.9%; Ky Hoa Tourism and Trade Company Limited holding 3.78%; An Binh Capital Joint Stock Company holding 2.73%; and Phu Nhuan House Construction and Trading Company Limited holding 2.14%.

Meanwhile, the individual shareholders holding the largest shares at DongA Bank are Tran Phuong Ngoc Ha (2.06%) and Tran Phuong Ngoc Giao (2%) - two children of Mr. Tran Phuong Binh and Ms. Cao Thi Ngoc Dung.

Dr. Cao Sy Kiem was born in 1941 in Thai Binh, worked as Director of Thai Binh Provincial Bank and then Governor of the State Bank from 1989 - 1997, Chairman of the Association of Small and Medium Enterprises, Chairman of the Board of Directors of Dong A Bank, and was a National Assembly delegate for many terms...