LienVietPostBank general director resigns

Pham Doan Son, general director of LienVietPostBank, has resigned "for personal reasons", after 15 years at the position.

The private bank's board of directors on Thursday announced they have accepted Son's resignation.

Pham Doan Son, born in 1967, joined LienVietPostBank in 2008 as head of the supervisory board, and was later elected as the bank's general director.

The board of directors said it appreciates Son's contribution to the lender's governance and retail-oriented business development.

Ho Nam Tien, acting deputy general director, will become the temporary head of the bank from Friday.

Tien, born in 1971, has held the position of deputy general director since August 2010.

The personnel change took place more than three months after Nguyen Duc Thuy became the bank's chairman.

Thuy was elected to the board from the end of April 2021 and became vice chairman about a week later. At the end of 2022, Thuy was elected as chairman.

During the election of Thuy to the board, former chairman Huynh Ngoc Huy said that Thuy is experienced in governance and good at external relations, and has strategic vision.

In 2022, LienVietPostBank recorded a pre-tax profit of VND5,690 billion ($240.35 million), up 56% year-on-year and fullfilled 118% of its target.

As of January 31, 2022, the bank's total assets had increased by 13.3% compared to the beginning of the year to more than VND327.7 trillion ($13.84 billion). Of this, customer loans increased by 12.1% to VND230,637 billion ($9.74 billion), while provisions for loan risks increased by nearly 53.6%.

On the Ho Chi Minh Stock Exchange (HoSE), the LienVietPostBank (LPB) share price hit VND14,850 ($0.63) at Thursday's closing session.

Vietnam Post (VNPost) will auction more than 140.5 million LienVietPostBank shares on April 21, with a starting price of VND22,908 ($0.97) per unit.

According to the Hanoi Stock Exchange (HNX), at this price, VNPost will collect at least VND3,218 billion ($135.95 million) if the sale is successful.