PGBank Faces Changes in Leadership as Independent Board Members Resign Before Shareholders’ Meeting

Just days before the shareholders’ meeting, the Deputy General Director of PGBank and independent members of its Board of Directors submitted their resignation letters. Mr. Nguyen Thanh To, the Deputy General Director responsible for the Balance and Capital Business Division, resigned effective from May 21. In his resignation letter signed on April 15, Mr. To stated that he had worked at PGBank for over 14 years and requested termination of his labor contract for personal reasons.

Not long after Mr. To’s resignation, an independent member of the Board of Directors, Mr. Nguyen Thanh Lam also resigned for personal reasons. He is set to join the Board of Directors of PGBank in October 2023. These changes in personnel have come right before the 2024 annual shareholder meeting scheduled for this weekend.

In mid-March, PGBank appointed three new deputy general directors including Mr. Tran Van Luan, Le Van Phu and Nguyen Trong Chien. The continuous changes in personnel began after Vietnam Petroleum Group (Petrolimex) divested all 40% of its capital contribution at PGBank.

After an extraordinary shareholder meeting in October 2023, former Deputy General Director of Vietcombank Pham Manh Thang was elected as Chairman of the Board of Directors while Dao Phong Truc Dai became Vice President of the bank. The bank will change its identity and name to Prosperity and Development Joint Stock Commercial Bank by the end of 2023