SCB has new chairman

Dien replaced Vu Anh Duc, who will assume a high-profile position at VietinBank.

Dien, the new chairman, has nearly 30 years of experience in the financial-banking sector. His past positions include department leader, branch leader, and member of Agribank's board of members.

The State Bank of Vietnam (SBV) regards him as having ample administrative experience, especially in debt management.

Under Dien’s leadership, the SBV hopes SCB will continue to stabilize and be secure.

Last October, the State Bank put SCB under special control after people withdrew money in droves at many SCB branches and transaction offices.

The SBV move aimed to monitor and limit negative impacts on general banking and credit institution systems. Historically, many banks have recovered and thrived after being placed under special control.

After more than a year under special control, the SBV said SCB’s operations are stabilizing, and the lender is troubleshooting with care while focusing on restructuring.

The SBV has recently submitted an SCB restructuring plan to the government for approval.