New VNCB General Director Dam Minh Duc (right) is pictured at the appointment ceremony this month. — Photo VNCB

HA NOI (Biz Hub) ─ The Viet Nam Construction Bank (VNCB) has announced the appointment of its Deputy General Director Dam Minh Duc as its General Director.

The State Bank of Viet Nam (SBV) nominated Duc to the new position in late July, after some former VNCB top leaders were arrested for alleged violation of State regulations on economic management.

SBV assigned Vu Bach Yen, a member of VNCB's executive board, as the new chairwoman at the same time.

At a meeting held on October 11 in the southern province of Long An, Director of the local SBV branch Doan Van Nghiep said that the central bank will direct VNCB to strengthen the organisation and ensure stable operations in the coming months.

The VNCB is being restructured and has signed a comprehensive co-operation agreement with Vietcombank to facilitate growth and sustainability in August.

It was established from Trust Bank in May 2013. The Trust Bank was operational for 23 years with a charter capital of VND3 trillion, or US$142.85 million. ─ VNS