November 2, 2012 / 9:36 AM / 5 years ago

Vietnam's Sacombank chairman resigns, bank stocks fall

HANOI, Nov 2 (Reuters) - 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 unexpectedly resigned.

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)

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