Agribank’s top leaders appointed

13-Jun-2014 Intellasia | Saigon Times Daily | 6:00 AM Print This Post

Top leaders have been approved by the central bank for Vietnam Bank for Agriculture and Rural Development (Agribank), the largest bank in Vietnam in terms of capital, assets and workforce.

The State Bank of Vietnam on June 9 announced a decision appointing new members of the management board and board of directors of the bank, a move expected to kick off the bank’s restructuring scheme to help the lender improve operations.

Under the decision, the bank’s CEO Trinh Ngoc Khanh is now named board chair, while Pham Duc An, former deputy general director of Bank for Investment and Development of Vietnam, is appointed vice board chair.

Tiet Van Thanh, deputy general director of Agribank, now serves as a board member and CEO of the bank.

The State Bank of Vietnam also appointed five other board members for Agribank, with four of them formerly being senior officials of the central bank.

According to Agribank’s website, its total outstanding loans totalled VND530.7 trillion as of May 25, including over VND380.5 trillion extended for the agriculture and rural development.

However, the State Audit of Vietnam in the 2013 audit report hinted unhealthy operations of the lender.

In 2012, Agribank repeatedly violated safety ratios. Its return on equity (ROE) was 5.39 percent, a strong drop compared to 7.11 percent in the previous year, the report said.

Ending 2012, Agribank reported credit growth rate of 10.22 percent but its bad debt ratio was 8.16 percent, surging by one-third year-on-year.

http://english.thesaigontimes.vn/34964/Agribank percentE2 percent80 percent99s-top-leaders-appointed.html

 


Category: Finance

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