Transactions are carried out at DongA Bank. The bank elected a new chairman today. — Photo news.zing.vn

HA NOI (Biz Hub) — DongA Bank elected a new chairman today.

Vo Minh Tuan was chosen by his fellow management board members, after they accepted former chairman Cao Sy Kiem's resignation the same day.

The State Bank of Viet Nam had recently designated Tuan as a member of DongA's management board to replace Tran Phuong Binh, the bank's former general director and board member who was dismissed on August 20 for violations on his watch.

Tuan had been deputy director of the central bank's credit department since September 2014. Before this he was deputy general director of the Orient Commercial Bank.

DongA has also nominated its deputy general director, Nguyen An, to run the bank until a permanent replacement is identified for Binh.

The central bank has placed DongA under supervision since the middle of this month when inspectors uncovered illegal activities by the bank that could cause serious financial consequences for the State and citizens.

DongA, which has a capital of VND5 trillion (US$222.22 million), targets pre-tax profits of VND200 billion ($8.89 million) this year after a slump last year. — VNS