ACB Bank names former minister chair

Tuesday, May 13, 2008
Former Minister of Planning and Investment Tran Xuan Gia has been named chairman of Asia Commercial Joint Stock Bank (ACB), one of the nation's leading commercial banks and one of only two banks, with shares listed on the nation's stock exchanges.

"I want to work and they need me," Gia told the newspaper Sai Gon Tiep Thi (Sai Gon Marketing). "I don't think retirement means relaxation."

Gia was a member of the management board of a fund listed on the London Stock Exchange before accepting the Asia Commercial Bank position.

"Now I want to gain more experience in domestic business so I can contribute to the completion of the Law on Enterprises," he said. Gia headed a team for drafting the current version of the law several years ago.

"Furthermore, the law provides that the banks must have some independent members on their management boards to prevent the banks from being dominated by major shareholders."

Gia said he had received offers from various companies but chose Asia Commercial Bank because he knew and understood its ambitious staff who desired to improve their business.

Gia rejected any suggestion that the bank hoped to make use of his influence as a former Government minister.

"ACB is a reputable bank, and it doesn't need anyone to protect them," he said. "I accepted the position as chairman of the bank on the condition that its operations abide by the law and are not based on any personal relationships. I used to act as head of the team for drafting the Law on Enterprises, so how can I contravene the law?"

Asked if the presence of a former minister at the bank would bother officials from the State Bank, Gia said, "I cannot speak for them. As for me, I'll try my best not to make them uncomfortable. I know how to behave in the new position. A minister-turned-banker, I have to obey the law and bank regulations.

"I am prepared psychologically to confront a possible situation in which a former minister used to 'spitting fire' can get a talking-to as an employee."

Although he stepped down from his position at the Ministry of Planning and Investment, Gia has continued to play a role in policymaking. (VNS)