On the morning of June 30, the annual shareholder meeting of Vietnam Export Import Commercial Joint Stock Bank (Eximbank, HoSE: EIB) failed due to ineligibility in the number of shares attended. 133 shareholders were attending the meeting representing nearly 215.6 million shares, equivalent to 17.54 percent of capital, while the minimum requirement was 65%. That afternoon, the bank would hold an extraordinary shareholder meeting.
On June 25, Eximbank changed its chair. The Board approved the resignation of Cao Xuan Ninh and elected Yasuhiro Saitoh, vice Chair, to replace the position. The bank said that Cao Xuan Ninh resigned on his own wishes, and the Board of directors held a meeting following the provisions of law and the bank’s charter of operations.
According to the annual shareholder meeting document, Eximbank aimed to increase 20 percent profit before tax to 1.318 trillion dong. Capital mobilisation from economic entities and individuals increased by six percent to 147.8 trillion dong. The target loan balance was eight percent higher than the end of 2019, including loans to customers and corporate bonds. The non-performing loan (NPL) ratio was targeted at less than two percent. The Board of directors also submitted to the shareholders for approval of the investment in Eximbank’s headquarter project at No.7 Le Thi Hong Gam Street, District 1, Hochiminh City.
Regarding the activities of the Board of directors, the Board of Supervisors assessed that in the last term, especially in 2019, the Board of directors lacked rhythm, members still had mixed and controversial opinions.
The meetings were always lasting but could not make any final decision, leading to slow decision-making on essential issues of the bank. Typically the appointment of general manager, representative Eximbank’s laws, organisation of shareholders’ meetings, requests from supervisory inspection agencies had led to Eximbank being administratively sanctioned on this issue and affecting the bank’s image.
