Nguyen Cao Tri no longer Saigonbank board member

Nguyen Cao Tri is no longer a Saigonbank board member for the 2019-2024 term, starting from Thursday, according to an announcement by the private bank.

The document did not mention the reason, only saying Tri "definitely lost his status. He is no longer a board member as prescribed in Article 35 of the Law on Credit Institutions."

Article 35 stipulates cases of definitely losing the position of board member, including losing civil act capacity; being dead; violating regulations on cases in which ones are not allowed to hold the position; no longer being a representative of contributed capital; a credit institution having its license revoked...

Nguyen Cao Tri joined Saigonbank's board of directors in October 2021 after buying 579,199 SGB shares, holding a 0.19% stake of the bank by June 2021.

Tri, 52, is a "rich man" in Ho Chi Minh City, owning many businesses in real estate, education, finance, and restaurant services like Capella Holdings, Capella Hospitality Ltd., and Riverside Palace Corp.

He used to hold leadership positions at a number of member companies of Ben Thanh Group like investment director at BenThanh Tourist Service Corporation (1999-2005) and general director of Ben Thanh Land.

Saigonbank was established in 1987. It has four major shareholders, holding an aggregate over 65% of the charter capital, namely the Ho Chi Minh City Party Committee's Office, Ky Hoa Tourist Trading One Member Co., Ltd, Saigon Petro Co., Ltd, and PhuNhuan Construction and Housing Trading Co., Ltd.

Saigonbank reported an after-tax profit of VND190 billion ($8.1 million) in 2022, up 55% year-on-year.