Brokerage VietCap's director Nguyen Hoang Bao quits for personal reasons

It will be considered at the company’s annual general meeting tentatively scheduled for early April.

Bao has been on the board of directors since 2011. His wife, Nguyen Thanh Phuong, is the chairwoman of the company and owns a 4% stake in it.

Bao did not own stakes in it as of last year, according to a company report.

Bao also holds other key positions: he is the chairman of Good Day Hospitality (which operates fast food chain McDonald’s Vietnam), Ban Viet Property and investment firm Phoenix Holdings.

He is also the CEO of digital bank Timo Vietnam and chairman of the Vietnam Basketball Federation.

VietCap reported a 22% decline in revenues to VND2.47 trillion ($100 million) last year. Its pre-tax profit was down 46% at VND570 billion.