Tram Be will not be a part of the Sacombank's Board of Directors. — Photo vietnamnet.vn

HA NOI (Biz Hub) — Vice Chairman of Sacombank's Board of Directors Tram Be resigned from his position on November 11.

In a statement sent to the State Securities Committee, Ha Noi Stock Exchange and HCM City Stock Exchange, the Sacombank's Board of Directors announced that the decision was as per Be's expectations.

Be had invested in and become a member of the Southern Bank in 2004. In May 2012, he and a number of officials from the bank were elected as members of the Sacombank's management board. He then became the vice chairman of the board.

On August 12, the State Bank of Viet Nam (SBV) released a statement that it was agreeing to the merger of Southern Bank and Sacombank on a voluntary basis.

The SBV said Be would not be a part of the new board. He voluntarily pledged to hand over power to the SBV, which would take over the stakes in the Southern Bank, currently Sacombank, and the new Sacombank, from him and his relatives. After the merger they would appoint officials from the central bank to run the new bank.

The new bank retains the Sacombank name with total assets of VND290.8 trillion ($12.9 billion) and total equity of VND22.6 trillion ($1 billion). It has 567 offices in Viet Nam, Laos and Cambodia, employing 15,510 people. — VNS