SBV suspends GP Bank's leaders

The State Bank of Vietnam (SBV) announced on May 26 that it recently suspended the rights and obligations of the representatives of Global Petroleum Joint Stock Commercial Bank (GP Bank).

The SBV said that pursuant to the Law on Credit Institutions and a review of GP Bank's management and administration status, it decided to suspend the rights and obligations of Ta Ba Long from two positions: the chairmanship and membership of the bank's board of directors.

The SBV also suspended the rights and obligations of Doan Van An as deputy chairman and member of the board of directors as well as Ta Thu Thuy as member of the board.

To ensure the smooth operation of GP Bank, the SBV has decided to appoint Tran Thi Le Nga as its representative, including legal representative, from April 8, 2015. Nga was Chief Supervisor of VietinBank.

Among the weak banks that had been urged since 2012 to restructure, GP Bank was the only one that failed to comply.

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