Vietnam central bank monetary policy official to lead Agribank

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The Vietnamese central bank's head of monetary policy has been made chairman of the country's biggest bank, state-owned Vietnam Bank for Agriculture and Rural Development (Agribank), the official media reported.

On Wednesday, Nguyen Ngoc Bao was becoming head of Agribank. His predecessor as chairman, Nguyen The Binh, and Agribank's general director Pham Thanh Tan will take positions as department heads at the central bank, Vietnam News Agency reported without saying what posts the two will have.

It was uncertain if the change would have any impact on monetary policy or if either of the two men who were at Agribank will lead the department handling it. This year, Vietnam has tightened policy to battle inflation, which in June topped 21 percent on an annual basis.

Agribank, one of five fully state-owned banks, had assets of 524 trillion dong ($25.49 billion) at the end of 2010.

Separately, a central bank statement on Tuesday said that its governor, Nguyen Van Giau, ordered the closure of a branch of Agribank Leasing Co No.2 in Ho Chi Minh City that's been under investigation for possible corruption.

In April, police detained three executives of a Ho Chi Minh City-based financial leasing firm owned by Agribank after state auditors found the company lost VND3 trillion in 2009 following property investments made without proper valuation work.

Prior to becoming governor, Giau was a general director of Agribank.

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