Kien Long Commercial Joint Stock Bank (KienlongBank), based in Kien Giang Province, southern Vietnam announced on Friday the dismissal of Tran Thi Thu Hang from her position as chairwoman at her own request.

Following Hang’s resignation as chairwoman effective July 9, she remains a member of KienlongBank’s board of directors for the 2023-27 term.

Hang, born in 1985, became the youngest female chairwoman in the Vietnamese banking system at 36 years old when she assumed the highest seat on the board of directors of KienlongBank in 2021.

She holds more than 17.2 million shares, or a 4.72 percent stake at the bank.

Tran Ngoc Minh, currently vice chairman, will assume the role of chairman of the board of directors, effective July 9, succeeding Hang.

Minh, born in 1984 in the Central Highlands province of Kon Tum, does not hold any shares in KienlongBank. 

Following his appointment as chairman, Minh also assumed the role of the bank’s legal representative.

Several other senior leadership positions within the lender have also been reshuffled.

Tran Hong Minh, deputy general director of KienlongBank, now serves as acting general director, replacing Tran Ngoc Minh.

Nguyen Thi Hong Hanh, a member of the board of directors, has been appointed vice chairwoman of the board.

KienlongBank plans to convene an extraordinary general meeting of shareholders later this year to comply with the requirements of the Law on Credit Institutions 2024.

The financial report for the first quarter of 2024 indicated that KienlongBank’s net interest income nearly reached VND613 billion (US$24.1 million), showing a slight increase compared to the same period last year.

Its net profit from service provision totaled VND113 billion ($4.4 million) and revenue from foreign exchange trading hit VND11 billion ($432,780).

Consequently, KienlongBank recorded a pre-tax profit of nearly VND213 billion ($8.4 million) and a post-tax profit of VND170 billion ($6.7 million), representing an increase of nearly VND10 billion ($393,437) from the previous year.

By the end of the trading session on Friday, KienlongBank’s KLB stock price decreased by 1.63 percent against the previous day to VND12,100 ($0.48) per share.

Over the past year, the market price of KLB has declined by nearly 12 percent.

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