The State Bank of Viet Nam has appointed Phan Duc Tu as the new chairman of the Bank for Investment and Development of Viet Nam (BIDV).

Prior to this appointment, Tu was a member of BIDV’s board of directors and general director of the bank.

Born in 1964, Tu has a degree from the Banking University of HCM City and a masters in business administration.

He started working for BIDV in 1987. From December 1998 to February 2005, he was the director of the BIDV branch in Quang Ngai.

From March 2005 till May 2007, he was the head of the Organisation Board.

In June 2007, Tu was appointed deputy general director of the bank and moved to the position of general director in May 2012.

He is also the chairman of the Viet Nam Banks’ Association.

As the new chairman of the BIDV, Tu has the opportunity to make history through the sale of capital to partners from the Republic of Korea.

At the end of October, BIDV issued a document asking for shareholders’ opinions on a share offering to increase charter capital through the issuance of shares to strategic foreign investors.

BIDV plans to issue 603 million shares, equivalent to 15 per cent of its charter capital.

The bank revealed the strategic foreign investor was the Republic of Korea’s KEB Hana Bank, a member of Hana Financial Group.

BIDV shares are fluctuating at around VND30,000 (US$1.28) at the moment. If BIDV successfully sells 603 million shares to its Korean counterparts at the above price, it would cash in over VND18 trillion. — VNS