HANOI Nov 2 Shares in Sai Gon Thuong Tin
Commercial Joint Stock Bank (Sacombank), Vietnam's
eighth-biggest partly private lender by assets, fell on Friday,
dragging down other banking stocks, after the lender's chairman
Chairman Dang Van Thanh has stepped down with immediate
effect, the bank said in a statement, giving no reason for the
move. Deputy chairman Pham Huu Phu will replace him.
Sacombank shares lost 3.11 percent to close at 18,700 dong
($0.9) on Friday.
Thanh's surprise resignation triggered a broad sell-off,
particularly in banking stocks, which pushed the VN Index
on the country's main exchange down 3.27 percent, its biggest
loss since Aug. 28, Thomson Reuters data showed.
Vietcombank, Vietnam's third-biggest partly private
lender, fell 4.76 percent to close at 22,000 dong ($1.06), the
steepest loss among the country's eight listed banks.
Asia Commercial Bank dropped 4.61 percent to 14,500
dong each, Eximbank was down 3.31 percent while
VietinBank, the second-biggest partly private lender,
lost 1.75 percent to close at 16,800 dong each. ($1=20,825 dong)
(Reporting by Vu Duy; Editing by Ho Binh Minh)