The logo of Eximbank seen on a building in Ho Chi Minh City.
Photo by Shutterstock/TK Kurikawa. 

The chairman of Eximbank Cao Xuan Ninh has resigned and been replaced by the company’s Japanese deputy chairman.  

The bank said Thursday Ninh, 58, ensured "responsible and effective" management since May last year, and that he left for personal reasons.

Cao Xuan Ninh holds the Eximbank Chairman title from May 2019 to June 2020.
Photo courtesy of the bank.

Replacement Yasuhiro Saitoh, before taking the deputy chairman title, was a board representative of Japan’s Sumitomo Mitsui Banking Corporation (SMBC) which holds a 15 percent stake in Eximbank.

The chair of Eximbank last year was held by three different persons. The board of supervisors said board members have voiced contrasting opinions at meetings, delaying company activities.

Eximbank posted a pre-tax profit of VND458 billion ($20 million) in the first quarter, up 31 percent year-on-year. Due to coronavirus impacts, it has lowered pre-tax profit targets for this year by 40 percent from the previous VND1.3 trillion ($56 million).