Vietinbank chairman Pham Huy Hung delivers speech at a meeting. Hung no longer holds State shares at the bank. — Photo vnexpress.net

HA NOI (Biz Hub) ― Vietinbank Chairman Pham Huy Hung no longer represents the State's stake in this bank, following a decision issued by State Bank of Viet Nam (SBV) Governor Nguyen Van Binh on April 26.

Sixty-year-old Hung is due to soon retire from his post. The bank will vote for a new management board at its shareholders' meeting on April 29. Industry insiders forecast that he will no longer assume his current managerial position.

On the same day, the central bank appointed a new team to represent the State's stake: Vietinbank General Director Nguyen Van Thang holds 40 per cent, SBV Office Chief Le Duc Tho holds 30 per cent, and SBV Credit Department Deputy Director Cat Quang Duong holds 30 per cent.

According to last year's reports, Hung held over 960 million shares of the bank, or 40 per cent of the total state's shares. Thang and Duong each were authorised ownership of over 720 million shares, or 30 per cent of the total state's shares. ― VNS