VietinBank has appointed Do Thanh Son as its deputy general director with a term of five years, starting from Tuesday.
Son was one of eight personnel at VietinBank who were transferred to lead OceanBank during its restructuring period in 2015.
Specifically, after the State Bank of Vietnam acquired the financially-troubled OceanBank for zero Vietnamese dong, Son and other VietinBank staff were sent to participate in the restructuring of OceanBank. Vietinbank is a "Big Four" bank with the state as majority shareholder.
Son was the chairman of OceanBank's member council for seven years. Previously, he had been the manager of Vietinbank's branch 11.
By the end of 2019, OceanBank recorded an accumulated loss exceeding VND17,900 billion ($742.3 million). The bank has seen its accumulated loss decline continuously in recent years, with 2021 its lowest year of loss since 2016.
OceanBank may later be transferred to another bank. Most recently, leaders of Military Bank (MB) appeared at a conference to deploy OceanBank's business mission this year and spoke about "the cooperation between both sides".
Under the direction of the State Bank, MB will discuss with OceanBank leaders the design of a suitable program for future operations.