Former MSB boss becomes Chairman of PG Bank

Petrolimex Commercial Joint Stock Bank (PG Bank, UPCoM: PGB) has just announced information on the appointment of the Chairman of the Board of Directors.

Accordingly, Mr. Oliver Schwarzhaupt, Member of the Board of Directors, Deputy Head of the Risk Management Committee will hold the role of Chairman of the Board of Directors for the 2020-2025 term from May 4.

According to PG Bank, Mr. Oliver Schwarzhaupt is a German national with more than 29 years of experience in banking and risk management at Al Khalij Bank, Emirates NBD Group, Commerzbank AG...

Notably, he held the position of Director of Risk Management (2010 - 2012) and Deputy General Director cum Director of Risk Management (2019 - 2022) at Vietnam Maritime Commercial Joint Stock Bank (MSB). He was appointed as a member of the Board of Directors of PG Bank from April 2022.

The relationship between PG Bank and MSB is also being noticed when MSB is considering choosing a bank that is suitable for its development orientation to carry out the merger, helping this bank increase its scale faster, one of which could be PGBank.

However, this plan was not approved by the 2023 Annual General Meeting of Shareholders.

The appointment of Mr. Oliver Schwatzhaupt took place after 3 members of the Board of Directors of PG Bank representing Petrolimex's capital contribution, namely Mr. Nguyen Quang Dinh - Chairman of the Board of Directors, Mr. Tran Ngoc Nam - Member of the Board of Directors and Mr. Luu Van Tuyen - Member of the Board of Directors, naturally lost their membership status after the Group divested its capital.

Finance - Banking - Former MSB boss becomes Chairman of PG Bank — Mr. Oliver Schwatzhaupt - New Chairman of PG Bank.

In addition, the bank's Board of Directors continued to be in turmoil when another member, Mr. Nguyen Manh Hai, also resigned on May 5 for personal reasons.

Previously, Petrolimex had sold all 120 million shares it owned at PG Bank. Specifically, Gia Linh Import-Export and Trade Development Company Limited bought more than 39.2 million PGB shares (13.1% of capital), Cuong Phat International Joint Stock Company bought more than 40.6 million PGB shares (13.54%), and Vu Anh Duc Trading Joint Stock Company bought more than 40 million PGB shares (13.36%).

In total, these three enterprises hold exactly 120 million PGB shares, equivalent to 40% of PG Bank's capital that Petrolimex successfully auctioned on April 7, with a total winning price of VND2,568 billion, an average of VND21,400/share.

Regarding business performance, PG Bank reported pre-tax profit in the first quarter of 2023 reaching VND 153 billion, an increase of 21% over the same period last year.

Compared to the pre-tax profit target of VND 530 billion in 2023, an increase of 4.8% compared to 2022, PG Bank has completed nearly 29% in the first 3 months of the year .

Source