PGBank chairman quits after three months in the position

Nguyen Phi Hung has resigned from the positions of board chairman and member of PGBank for personal reasons, three months after being appointed.

Hung's resignation letter was signed on Monday and will take effect if approved by PGBank shareholders at a meeting scheduled for October 23 in the northern province of Ninh Binh.

Hung has over 20 years of experience in the banking and finance industry, having held many positions at Maritime Bank, GPBank and Citibank, N.A. - Hanoi branch.

In November 2020, Hung joined PGBank as acting CEO and was officially appointed to this position on December 10, 2020. In July 2021, he was elected a member of the bank’s board of directors. In early July this year, the board elected him as chairman, replacing Oliver Schwatzhaupt, a German, who was in this position since early May.

In late August, PGBank convened an extraordinary shareholder meeting to fill its board of directors and supervisory board, and approved its new name and headquarters.

The bank also sought shareholder approval for a charter capital increase and a restructuring and debt settlement plan for the 2021-2025 period.

PGBank has been undergoing major changes after capital withdrawal by its big shareholder, Petrolimex, in April 2023.

In July 2023, PGBank appointed Pham Manh Thang as acting CEO as it made several leadership changes. By late August 2023, two board members, Oliver Schwarzhaupt and Nilesh Ratilal Banglorewala, announced they would step down, as did head of the bank's supervisory board Duong Anh Tuyet. In mid-September, Thang officially became the bank CEO.

By the end of the second quarter, PGBank's total assets reached nearly VND47 trillion ($1.93 billion), with equity at a minimum level of VND3 trillion ($123 million). PGBank is not in the group of weak banks and its bad debt is also below 3%.

In 2022, PG Bank's pre-tax profit reached VND506 billion ($21.58 million), up 54% year-on-year and exceeding its target by 24%.