Bui Anh Dung is no longer SCB's authorised representative as of October 14. Instead, Vu Anh Duc, a former VietinBank executive, is now SCB's legal representative and chairman of the Board of Directors.

Vu Anh Duc, the newly-appointed chairman of the Board at SCB

Other bankers from state-owned banks, including Pham Quang Tien, Vo Van Buu, Trang Nhan Hau, and Ly Thanh Phuong, are also the new members of the SCB's Board.

The new appointment comes hot on the heels of the SCB being put under special supervision by the State Bank of Vietnam (SBV).

Accordingly, the SBV instructed state-owned commercial banks (Vietcombank, BIDV, VietinBank, and Agribank) to nominate and hire competent and experienced personnel to manage SCB.

In his letter to SCB staff Duc said, "I understand that you are now going through a really tough moment. For my part, I can relate to the stress and anxiety you may be experiencing due to your concerns regarding SCB’s future plan, but it is impossible for an organisation to expand and grow without encountering obstacles along the way."

"The SBV, together with the other relevant ministries and branches, is always vigilant and focused on safeguarding the continuous functioning of all financial institutions, SCB included. You may rest assured since we are not alone on our growth path. There are four new members of the Board of Directors from other state-owned banks, and we will participate in the management and administration of SCB,” he said.