Vietnam - Why ACB appoints a 34-year-old Chairman?

VietNamNet Bridge – Mr. Tran Hung Huy, 34, Deputy General Director of the Asia Commercial Bank (ACB), becomes the only choice for the chairmanship of the ACB Board of Directors after other candidates refused the position.

At the same time with the resignation of the three key members of the ACB Board of Directors, ACB leaders met to choose on to replace Mr. Tran Xuan Gia as ACB’s Chair.

There were four potential candidates, including: Mr. Luong Van Tu, Ms. Dang Thu Thuy, Mr. Huynh Quang Tuan and Mr. Tran Hung Huy. Three other board members are foreigners so they cannot become ACB Chair.

According to a source from ACB Board of Directors, Mr. Huynh Quang Tuan, deputy general director, for a personal reason, could not become a candidate. Mr. Luong Van Tu and Ms. Dang Thu Thuy (Tran Hung Huy’s mother) refused the position. Therefore, Tran Hung Huy was the only one who agreed to become the new Chairman of the ACB.

Commenting on the new Chairman, a senior leader of ACB said briefly: "Even at a young age but Huy is very good".

Tran Hung Huy, the son of former Chairman of ACB Tran Mong Hung, is the youngest member of the Board of Directors.

The new Chairman of ACB holds a master's degree in business administration at Chapman University, USA, in 2002. He is also a doctor of economics at Golden Gate University, USA.

The 34-year-old banker joined the ACB Board of Directors since 2006 and was appointed as Deputy General Director of ACB in 2008.

After 3 VIP members resigned (Chair and two Vice Chairs), ACB Board of Directors has only seven people. Therefore, within 60 days, the bank must hold shareholders’ meeting to elect additional new members, and fulfil formal dismissal procedures of the three members.

On the afternoon of September 19, the State Bank of Vietnam requested ACB to hold its shareholders' meeting to perform the procedures for dismissal and appointment of new members of the Board of Directors, ensuring the number and structure of the board in accordance with the bank's charter.

Earlier, Mr. Tran Xuan Gia (Chairman), Mr. Le Vu Ky and Trinh Kim Quang (two Vice Chairs) applied for resignation and their resignations were approved by the Board of Directors.

Mr. Tran Xuan Gia resigned because of health reasons while the two vice presidents resigned for personal reasons.

All of them were related to the ratification of ACB's former CEO Ly Xuan Hai to trust 19 ACB employees to deposit VND718 billion ($35.9 million) of the bank at the Vietinbank.

In the morning of September 19, a former member of the ACB Board of Directors, Mr. Huynh Trung Cang, also resigned from the post of Vice-president of Eximbank for personal reasons.

Infonet

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