Techcombank CEO to leave in 8 months
Techcombank CEO to leave in 8 months
Vietnamese bank Techcombank is looking for a new CEO after incumbent Nguyen Le Quoc Vinh ends his five-year tenure this September.
Vinh has put in his papers expressing a desire to be with his family overseas, the bank said Friday .
The private bank also announced that it has embarked on the search for a new CEO, Vietnamese or foreigner.
The new recruitment is part of thebank’s reformation plan, including ensuring smooth succession in the managerial cadre, it said.
Over the next six months, Anh will delegate all day-to-day management decisions to respective business leaders within the bank, as well as assist the board of directors in selecting, interviewing and appointing a new CEO.
His contract with Techcombank will end on September 1.
Techcombank's CEO, Nguyen Le Quoc Anh. Photo by VnExpress/Anh Tu.
|
Anh has Doctorate degree in nuclear technology from Purdue University in Indiana, U.S., and a master's degree from California State University. Before joining Techcombank, he held senior positions at T-Mobile U.S., Wells Fargo Bank, Fortress Investment Group and McKinsey & Company.
He was appointed head of Techcombank's strategy and corporate development division in May 2015 before being promoted to CEO in September 2016.
In Q4 2019,Techcombank’s board of directors approved Anh’s proposal to implement a banking management model as well as the principles and roadmap to implement it. Under this model, the CEO would delegate business decisions and internal operations to divisional directors to make the decision-making process quicker and more effective.
Most recently, Phung Quang Hung, head of the bank’s customer service and advisory division was appointed managing director and director of financial advisory and customer services, responsible for day-to-day internal activities of the bank, starting January 13.
By the end of Q3 2019, Techcombank had created the corporate affairs division led by vice chairman cum deputy CEO Do Tuan Anh to lead all internal and external stakeholder management. At the same time, the bank established a global transaction services (GTS) division, led by Deputy CEO Phan Thanh Son. GTS combined the transaction banking and markets divisions.
Techcombank recorded the second highest profit in Vietnam's banking system last year with a profit before tax of over VND12.8 trillion ($553 million), a 20 percent plus increase over the previous year. Its profit structure, however, had significant changes compared to the earlier period.
In previous years, the bank was prone to using the seemingly contradictory phrase low risk-high returns in describing its business model, which stemmed from its special operating structure being associated with an ecosystem of large-scale customers such as Vingroup, Masan and Vietnam Airlines.
By exploiting the customer bases of its large partners, Techcombank could control the risks while still achieving significantly higher profit margins than its competitors. During this period, the bank's credit growth also heavily depended on its holding of economic organizations' bonds.
In 2019, Techcombank initiated significant changes, promoting its lending channels, especially to retailers, in a move to get out of the shadows of its big partners. The number of bonds held by the bank also sharply decreased towards the end of the year.
