Nguyen Thanh Phuong exits BVBank board, leads strategy board

Nguyen Thanh Phuong will step down from the board of directors at Vietnam’s private lender BVBank (BVB) for the 2025-2030 term, as decided at an extraordinary shareholders’ meeting on Friday.

Phuong is currently chairwoman of broker Vietcap Securities JSC (HoSE: VCI) and has been associated with BVBank since 2012, serving as vice chairwoman and a standing board member. She personally holds 25.15 million shares, equivalent to a 4.55% stake in the bank.

Her departure from the board is to ensure compliance with the 2024 Law on Credit Institutions, which bars individuals from simultaneously holding management or executive roles at two organizations.

Alongside Phuong, Ngo Quang Trung and Phan Thi Hong Lan will not continue into the 2025-2030 term as a board member and supervisory board chief, respectively, to comply with legal requirements.

As a result, BVBank’s board for the 2025-2030 term will comprise six members - Le Anh Tai, Nguyen Nhat Nam, Ly Hoai Van, Nguyen Thi Thu Ha, Pham Quang Khanh and independent director Pham Thanh Son.

Under regulations, a bank is required to have at least two independent board members. Therefore, within 90 days of the conclusion of the shareholders’ meeting, the board is expected to elect a second independent director.

Immediately after the meeting, the board convened and appointed Tai as chairman, and Van and Nam as standing board members.

It also assigned Phuong to serve as chair of the bank’s strategy and innovation board for 2025-2030, with direct responsibility for strategic planning and operational direction, as well as participation in various committees and councils overseeing modernization efforts, business operations, and human resources management.

Meanwhile, the supervisory board for the new term comprises five members - Ly Cong Nha, Nguyen Thi Thanh Thuy, Le Hoang Nam, Nguyen Thi Thanh Tam and Bui Thi Quanh.

Regarding the capital increase, the board proposed - and shareholders approved -the cancellation of the plan passed at the previous AGM and submitted a new proposal for 2026.

The bank will issue 320.4 million shares to the public on a 2-for-1 basis and an additional 30 million shares under an employee stock ownership (ESOP) plan. As a result, charter capital would rise by about 50% from VND6.41 trillion ($243.73 million) to a maximum of VND9.91 trillion.

The offering price will be set at no less than VND10,000 a share ($0.38), with the board authorized to determine the final terms. ESOP shares will be subject to a one-year lockup from the end of the offering.

Over the 2025-2030 period, the lender aims to lift charter capital to VND14 trillion ($532.5 million), total assets to VND296 trillion, and outstanding loans to VND179 trillion.

On operating results, the board said pre-tax profit reached VND506 billion ($19.25 million) in the first 10 months of this year, up 29.4% from the full-year 2024 outcome and marking the strongest performance in the bank’s history. Customer deposits rose 26.4%, while outstanding credit grew 13.9%.