DongABank’s board of directors has chosen Vo Minh Tuan, deputy head of the credit department at the State Bank of Vietnam (SBV), as new chairman of the bank after its chairman Cao Sy Kiem’s resignation.

Nguyen Phuoc Thanh, deputy governor of the SBV, told the Daily on August 27 that the central bank sent Tuan to DongABank to serve as a board member replacing former general director Tran Phuong Binh.

The board decided to pick Tuan as new chairman of DongABank after it approved a letter of resignation from Kiem.

Tuan, 48, assumed the post of deputy head of the SBV’s credit department in September last year. Earlier, he served as deputy general director at Orient Commercial Bank (OCB).

Tuan earned a Master’s degree in economics from a program conducted by the HCMC University of Economics in partnership with a Dutch partner and a bachelor degree in finance and credit from the Banking University of HCMC. 

Tuan worked at VietinBank from 1990 to 2013 and rose through the ranks at the bank before joining OCB.

Kiem told DongABank’s general meeting late last month that he would resign for personal reasons, two years after taking up the post. Kiem, 74, got a doctorate degree in economics and was SBV governor in 1989-1997.

The central bank approved DongABank’s deputy general director Nguyen An as caretaker general director after Binh was suspended from the post of general director on August 20.

The bank’s board and major shareholders will have to propose some candidates for the post of general director to seek central bank approval. 

The central bank put DongABank under special surveillance on August 13, citing its violations of regulations on financial management, credit and business activities in the years before 2012, which seriously deteriorated its financial capability.

On August 20, the central bank announced to suspend DongABank’s general director Tran Phuong Binh and his deputy Nguyen Thi Ngoc Van.