Continue to replace the President of PG Bank with new people.

DNHN - Changes in PG Bank's leadership have occurred continuously in recent times. Previously, at the beginning of July 2023, Mr. Nguyen Phi Hung succeeded Mr. Oliver Schwarzhaupt as Chairman of the Board of Directors.

Mr. Nguyen Phi Hung, Chairman of the Board of Directors, informed the Board of Directors (BOD) of Petrolimex Petroleum Commercial Joint Stock Bank (PG Bank) on October 2 of his resignation from this position and his resignation as a member of the Board of Directors. Mr. Hung explicitly stated that his decision was based on personal considerations.

In his resignation letter, Mr. Hung thanked all employees and coworkers at PG Bank for their trust and support during his tenure. His resignation application was sent to the General Meeting of Shareholders and the Board of Directors of PG Bank for approval. He also emphasized that he was resigning to meet his personal needs.

Notable shifts in PG Bank's leadership have occurred frequently in recent years. Mr. Nguyen Phi Hung replaced Mr. Oliver Schwarzhaupt as Chairman of the Board of Directors at the beginning of July 2023, after Mr. Schwarzhaupt resigned by his wishes. Former Chairman Schwarzhaupt was only appointed in May of the same year, and the Chairmanship was changed only five months later.

As a result of the entry of three new shareholders, PG Bank's senior management has undergone significant changes. Many other members of the Board of Directors have recently resigned in addition to the Chairman. Vice Chairman of the Board of Directors Nguyen Tien Dung resigned on September 14 for personal reasons. In addition, two independent foreign members of the Board of Directors resigned on August 25, 2023: Mr. Oliver Schwarzhaupt and Mr. Nilesh Ratilal Banglorewala.

Only Mr. Nguyen Manh Hai and Mr. Dinh Thanh Nghiep remain on the Board of Directors of PG Bank, which has a total of six members.

Notably, PG Bank appointed Mr. Pham Manh Thang as acting General Director at the beginning of July 2023, with Mr. Thang's official appointment occurring on September 15.

On October 23, 2023, PG Bank will hold an Extraordinary General Meeting of Shareholders in Ninh Binh, where many important issues, including personnel consolidation, will be discussed and decided. Board of Directors and Supervisory Board, increase in charter capital, rebranding, and relocation of headquarters. The Congress will also discuss reorganization plans about bad debt management between 2021 and 2025.

P.V (t/h)