Kien Long Bank has new CEO as former gets promotion

Kien Long Bank has new CEO as former gets promotion

Pham Khac Khoan, deputy general director of Kien Long Commercial Joint Stock Bank, has been appointed as the acting general director of the unlisted bank as the former CEO has been promoted.

The appointment was based on the proposal of Truong Hoang Luong, former general manager of the bank, at a meeting of the bank’s leaders on the bank’s future development plan organized last Tuesday.

Luong was assigned by the bank’s board of directors to hold the position of Vice Chairman of the board after leaving the position of general manager.

Pham Khac Khoan, born in 1960, obtained a master degree in external economic relations from the Academy of Foreign Trade of the Republic of Russia. He worked at Kien Long Bank from April 2008 as the bank’s deputy general director after a 26-year working for the Bank for Foreign Trade of Vietnam (Vietcombank).

Truong Hoang Luong, born in 1962, earned a PhD degree in banking-finance at Ho Chi Minh City University of Economics. As a founding member, vice chairman cum CEO since the bank’s establishment, Luong has a 17-year experience in the banking and finance sector.

As of October 31, pre-tax profit of Kien Long Bank reached VND438 billion, equal to 82.64 percent of the year plan. Kien Long Bank currently has 96 branches and transaction offices across the nation.

Kien Long Bank has adjusted its 2012 profit plan down by 14.5 percent from VND620 billion to VND530 billion, according to a recent meeting of the bank’s shareholders.

The bank has also adopted the plan to reduce the rate of dividends payment in 2012 from over 12 percent to 10 percent, according to the bank’s resolution announced after the meeting.

Specifically, the bank's total assets and total deposits of bank capital could be adjusted down from the previous plan.

On the other hand, the bad debt over total outstanding loan ratio has been increased from 2 percent to 3 percent.

In 2011, Kien Long Bank raked in VND525 billion in pre-tax profit, up 103 percent from the previous year. Its total assets reached VND17.85 trillion, up 41 percent from 2010, while outstanding loans reached over VND8.4 trillion.