Eximbank annual meet cancelled again after quorum failure

The bank’s 2021 general meeting Tuesday failed to achieve quorum with only 41.6 percent of shareholders present against the minimum requirement of 65 percent.

Its third 2020 general meeting, organized Monday after two failed attempts last year, was also called off with 54 percent of shareholders voting against the board conducting it.

Tension between large groups of shareholders and the board of Eximbank has been rising in the last two years.

Two groups of shareholders with a combined 21.5 percent stake demanded last week the dismissal of eight of nine board members. Among the eight was the bank’s chairmanYasuhiro Saitoh, a Japanese national who took over in June last year. The chair was held by three different persons in 2019.

Last year, Eximbank saw its pre-tax profit rise 22 percent to VND1.34 trillion ($58 million).