Sacombank CEO Nguyen Duc Thuy Nominated to Board Ahead of 2026 AGM

Overview

Sacombank (STB) has announced the nomination of its current CEO, Nguyen Duc Thuy, to the Board of Directors, just one day before its 2026 Annual General Meeting. The bank also submitted supplementary documents to withdraw a proposal to extend its post-merger restructuring plan and to change its official name to Ngân hàng TMCP Sài Gòn Tài Lộc. These developments mark a significant leadership and strategic pivot for the bank.

Key Facts

• Sacombank announced the nomination of CEO Nguyen Duc Thuy to the Board of Directors for the 2022-2026 term on April 21, 2026.
• Nguyen Duc Thuy (born 1976, Ninh Binh) graduated from Colorado State University (USA) and has extensive experience in investment, finance, energy, and tourism.
• Thuy joined Sacombank as Acting CEO in late December 2025 after his term at LPBank ended, and became official CEO in early March 2026.
• The bank withdrew a proposal to extend its post-merger restructuring plan, which had been initially proposed by Chairman Duong Cong Minh to extend the timeline to 2030.
• Sacombank also submitted a proposal to change its name to Ngân hàng TMCP Sài Gòn Tài Lộc (abbreviated as SACOMBANK).
• The AGM is scheduled for April 22, 2026, in Phu Tho.
• STB shares closed at VND 64,000 on April 15, 2026, down 2.57% with a volume of 6.58 million shares.

What Happened

On April 21, 2026, Sacombank released supplementary documents for its upcoming Annual General Meeting, revealing that the Board of Directors had approved the nomination of current CEO Nguyen Duc Thuy as a candidate for the Board. Thuy, who joined Sacombank as Acting CEO in late December 2025 after leaving LPBank, officially became CEO in March 2026. His nomination to the board suggests a consolidation of his leadership role.

In addition, the bank announced the withdrawal of a previously submitted proposal to extend its post-merger restructuring plan, which Chairman Duong Cong Minh had proposed to extend until 2030 to allow more time to handle legacy assets. Sacombank also submitted a new proposal to change its name to Ngân hàng TMCP Sài Gòn Tài Lộc, while retaining the SACOMBANK abbreviation. The AGM is set to take place on April 22, 2026.

Market Context

STB shares closed at VND 64,000 on April 15, 2026, down 2.57% on volume of 6.58 million shares. The stock has been under pressure amid broader banking sector volatility and uncertainty over Sacombank’s restructuring progress. The bank, listed on HOSE, has been navigating a complex post-merger integration process since its merger with Southern Bank in 2015. The withdrawal of the restructuring extension proposal may signal confidence in the bank’s ability to meet its targets, but also raises questions about the timeline for resolving legacy issues.

Strategic Significance

The nomination of CEO Nguyen Duc Thuy to the Board of Directors indicates a strengthening of his influence over the bank’s strategic direction. Thuy’s background in finance and energy, along with his previous role at LPBank, suggests a focus on operational efficiency and potential diversification. The withdrawal of the restructuring extension proposal could imply that management believes the current plan is on track, or that a new strategy is being formulated. The proposed name change to Sài Gòn Tài Lộc (meaning “Fortune”) may be part of a rebranding effort to signal a fresh start. However, the bank still faces significant challenges, including non-performing loans and the need to fully integrate legacy assets.

What to Watch

• Approval of Nguyen Duc Thuy’s board nomination at the AGM on April 22, 2026.
• Official announcement on the withdrawal of the restructuring extension and any new timeline for the restructuring plan.
• Shareholder vote on the name change and any associated legal or branding implications.
• Q1 2026 earnings release for STB, expected in late April, to assess financial health and progress on restructuring.
• Updates on the handling of legacy assets and non-performing loans, which are key to the bank’s recovery.