Illustrative image. (Eximbank’s Extraordinary General Meeting 2023)
According to the previously announced plan, Vietnam Export Import Commercial Joint Stock Bank (Eximbank – Code: EIB) will hold an Extraordinary General Meeting of Shareholders (EOGM) tomorrow (November 28, 2024) in Hanoi.
At the meeting, the Eximbank Board of Directors will present to the shareholders for approval the proposal to relocate the bank’s head office from Floor 8, Office No. L8-01-11+16, Vincom Center Building, 72 Le Thanh Ton Street, Ben Nghe Ward, District 1, Ho Chi Minh City to a new address at 27-29 Ly Thai To Street, Ly Thai To Ward, Hoan Kiem District, Hanoi.
It is known that the address at 27-29 Ly Thai To Street, Ly Thai To Ward, is a hotel and commercial service complex with leased offices invested by Gelex Group. This project is commercially known as Fairmont Hanoi. In April 2024, Central Construction Joint Stock Company coordinated with Gelex to organize the topping-out ceremony of this project. It is one of Gelex’s key projects with a prime location. According to the Gelex’s management sharing at the Annual General Meeting held in March this year, the enterprise is focusing on completing this hotel complex. The project has a total investment of about VND 5,000 billion, of which the counterpart capital is about VND 2,500 billion, and is expected to be fully operational in 2025.
Along with the content of relocating the head office, the Board of Directors of Eximbank also submitted to the EOGM for approval on the termination of the policy to invest in the construction of the Head Office at No. 7 Le Thi Hong Gam, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City.
According to Eximbank, the relocation of Eximbank’s head office to Hoan Kiem District, Hanoi, is a strategic step for the bank to expand its scale of operations and continuously reach out, in order to respond to the changing market as well as to effectively implement the business strategy. Eximbank determines that the North is a market with much potential to be tapped.
In addition to the issue of the head office, the EOGM will also consider the proposals of the group of shareholders owning more than 5% of the shares regarding the dismissal of senior personnel.
Most recently, a group of shareholders holding more than 5% of the capital in Eximbank has proposed to dismiss Mr. Nguyen Ho Nam and Mrs. Luong Thi Cam Tu from their positions as members of the Board of Directors.
This group of shareholders proposed the dismissal of Mrs. Luong Thi Cam Tu and Mr. Nguyen Ho Nam from their positions as members of the Board of Directors “due to the necessity according to Point e, Clause 4, Article 47 of the Charter; Point e, Clause 1, Article 31 of the Governance Regulations; Point e, Clause 1, Article 9 of the Regulations on the Organization and Operation of the Board of Directors; Point d, Clause 1, Article 46 of the Law on Credit Institutions 2024.”
Regarding Mrs. Luong Thi Cam Tu, this group of shareholders quoted the bank’s governance report, which showed that she had been absent from four meetings of the Board of Directors and had not authorized other members to represent her. During the year, she only attended 17 out of 21 meetings, equivalent to a rate of 81%. At the same time, Ms. Tu also did not participate in 23 written consultations of the Board of Directors. The total number of participations in written consultations was 220 out of 243, a rate of 91%.
In addition, this large group of shareholders also quoted the semi-annual governance report for 2024, which showed that Ms. Tu did not participate in one written consultation of shareholders. The total number of participations in the first half of this year was 108 out of 109, a rate of 99.08%. “Thus, the above information shows that Ms. Luong Thi Cam Tu has not fully attended the meetings of the Board of Directors and the written consultations of the Board of Directors,” the group of shareholders concluded.
Regarding Mr. Nam, according to the semi-annual report, in the past two months, he has not participated in two written consultations of the Board of Directors. The total number of participations was 36 out of 38, a rate of 94.74%. Mr. Nam started his term as a member of the Board of Directors of Eximbank from April 26, 2024. The group of shareholders also concluded that Mr. Nam had not fully participated in the written consultations of the Board of Directors.
Previously, a group of shareholders holding more than 5% of Eximbank also proposed the dismissal of Mr. Ngo Tony from his position as a member of the Supervisory Board of Eximbank. These shareholders believed that Mr. Ngo Tony had abused/exploited his position and power, seriously violating the provisions of Eximbank’s Charter and the Regulations on the Organization and Operation of the Supervisory Board of Eximbank, which greatly affected the interests of the shareholders.
These developments come as Gelex Joint Stock Company has recently become the largest shareholder of Eximbank, after purchasing 174.7 million EIB shares, equivalent to 10% of the bank’s capital.
Gelex is currently known as a holding company that owns brands such as Vigalcera, CADIVI, and THIBIDI…
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