Former Dong A Bank general director Tran Phuong Binh. — Photo thanhnien.com.vn

HCM CITY (Biz Hub) — The State Bank of Viet Nam sacked Dong A Bank general director Tran Phuong Binh and deputy general director Nguyen Thi Ngoc Van on Thursday for a slew of legal violations by the HCM City-based bank on their watch a few years ago.

Vo Hai Nam, director of the Bank of Investment and Development of Viet Nam's (BIDV) risk management department, will replace Binh with immediate effect.

Pham The Nguyen, director of a BIDV branch in HCM City, will take over from Van.

A recent inspection by the central bank found that in the period before 2012 Dong A Bank had flouted laws pertaining to financial management, credit and other areas that caused serious consequences to the bank and losses to the Government.

Binh was general director since 1998, also becoming deputy chairman in 2013. Van was in her post since 2001.

The central bank plans to restructure the bank to protect its as well as its customers' interests. — VNS