PGBank chairman resigns after three months

By Minh Son October 2, 2023 | 11:57 pm PT

PGBank chairman Nguyen Phi Hung speaks at the lender's general meeting in April 2023. Photo courtesy of the bank

PGBank Chairman Nguyen Phi Hung has submitted his resignation just three months after taking office, citing personal reasons, as the lender goes through major structural changes.

Shareholders are set to vote on October 23 to dismiss Hung, who first joined the lender in November 2020 as acting CEO.

He became chairman of the lender in July this year to take over from Oliver Schwatzhaupt, who also resigned.

PGBank has seen several key leaders leaving after state-owned fuel distributor Petrolimex divested its entire 40% stake in April.

Petrolimex sold its share to four buyers in an auction for a total of VND2.57 trillion ($105.3 million).

In its upcoming extraordinary general meeting this month the bank will seek shareholders’ permission to change its name, which has not yet been revealed.

The bank will also seek approval to move to a new headquarters.

By the end of June PGBank had an equity of VND3 trillion, the lowest among Vietnamese banks.