Tram Be, one of Vietnam’s most well-known banking moguls, and his son Tram Khai Hoa have officially had their membership of the board of directors at Sacombank terminated, the State Bank of Vietnam said Friday.

However, the central bank noted in a statement, Tram Be and relevant individuals still have the responsibility to continue to resolve problems at Sacombank as per the law.

“The termination of the managerial roles of Tram Be and Tram Khai Hoa at Sacombank is in line with the roadmap and a set of solutions to implement a restructuring plan at the lender,” the statement reads.

The State Bank of Vietnam said the Sacombank restructuring plan has been approved by the prime minister, and is implemented in accordance to the government’s plan to resolve the banking sector’s nonperforming loan in the 2011-15 period.

Tram Be and his son had previously filed their resignation to the Sacombank board of directors and the State Bank of Vietnam.

The central bank has decided to end their managerial positions after considering the resignation requests and their roles and responsibility in the merger of the erstwhile Phuong Nam (Southern Bank) into Sacombank in October 2015.

The post-merger performances of Sacombank and a directive from the prime minister have also been considered in the decision, according to the State Bank of Vietnam.

The central bank also said it will request Sacombank to hold a major shareholder meeting no later than the end of April to be able to complete its administrative board and continue the restructuring plan, while ensuring rights and interest for customers.

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