OceanBank chairman returns to VietinBank as deputy CEO

He will hold the post for five years starting October 11.

He was a branch director at VietinBank when he was sent to ailing OceanBank as chairman in 2015.

Do Thanh Son, new deputy CEO of VietinBank. Photo courtesy of OceanBank

Son and other VietinBank executives were tasked with restructuring OceanBank, one of the three weakest banks in Vietnam and with large debts that the State Bank of Vietnam acquired in 2015 for zero dong.

The bank had accumulated losses of VND17.9 trillion as of the end of 2019, but it has been declining since.

Industry insiders said it could be transferred to another lender to manage.

Luu Trung Thai, deputy chairman of lender MB, said at a recent OceanBank meeting that a partnership with OceanBank is "both a political mission and an opportunity for MB."