Exploring the Shifts and Changes in PGBank: New Leadership, Renewed Focus on Financial Goals

PGBank recently experienced significant changes in personnel as several key figures submitted their resignation letters, including Deputy General Director Nguyen Thanh To and independent board member Nguyen Thanh Lam. These resignations come just days before the annual shareholder meeting.

In his resignation letter signed on April 15, Mr. To stated that he had worked at PGBank for over 14 years and requested termination of his labor contract for personal reasons. Shortly after Mr. To’s resignation, Mr. Nguyen Thanh Lam also resigned for personal reasons.

PGBank has been undergoing continuous changes in personnel following the divestment of Vietnam Petroleum Group (Petrolimex) all 40% of its capital contribution at the bank in mid-March. The bank appointed three new deputy general directors, including Tran Van Luan, Le Van Phu, and Nguyen Trong Chien, to fill the vacancies left by Mr. To and other departures.

After an extraordinary shareholder meeting in October 2023, former Deputy General Director Pham Manh Thang was elected Chairman of the Board of Directors, while Dao Phong Truc Dai became Vice President of the bank. The bank will change its identity and name to Prosperity and Development Joint Stock Commercial Bank by the end of 2023.

Despite these changes in personnel, PGBank remains committed to achieving its financial goals for the year. The bank aims to achieve a total net revenue of over 2,000 billion VND this year, with pre-tax profit expected to reach 554 billion VND and total assets anticipated to increase by more than 14%, reaching over 63,500 billion VND.