PG Bank’s Board of Directors has appointed a new chairman after three members ceased to represent the capital contribution of Petrolimex Group in the bank.
Petrolimex Petroleum Commercial Joint Stock Bank (PG Bank) announced that the Board of Directors has elected Mr. Oliver Schwarzhaupt, a German national and a member of the Board of Directors, as the new Chairman of the Board of Directors of PG Bank, effective May 4. Mr. Schwarzhaupt was previously the Deputy Head of the Risk Management Committee of PG Bank.
The election of Mr. Schwarzhaupt as Chairman of the Board of Directors followed the divestment of all of Petrolimex Group’s capital in PG Bank, which resulted in the loss of status of the three incumbent members of the Board of Directors representing the group’s capital contribution, namely Mr. Nguyen Quang Dinh (Chairman), Tran Ngoc Nam (member), and Luu Van Tuyen (member).
Mr. Schwarzhaupt holds a Master’s degree in Economics from Justus Liebig University in Germany and has held several important positions at world-renowned organizations, such as Director of Credit Risk Management at DZBank, Director of Credit Rating Management at CommerzBank, and Deputy General Director cum Managing Director at Emirates NBD Group Risk and Deputy CEO at Vietnam Maritime Bank (MSB).
Earlier in April 2023, Petrolimex sold all 120 million shares it owned in PG Bank at an average price of 21,400 VND/share. The auction was won by three organizations and one individual, and the number of shares sold represented 40% of PG Bank’s shares.