Vietnamese bank CEO earns one million dollars a year?

People these days are whispering in each others’ ears that a CEO has been asked to work for another bank with the salary of 1.2 million dollar a year.

VnnNews – Well-informed circles these days are whispering in each others’ ears that a bank chief executive officer (CEO) has been asked to work for another bank with the salary of 1.2 million dollar a year. Rumor has it that there are two or three CEOs who now can earn some one million dollar a year.< />

 

According to VnExpress newspaper, a deputy chairman of a Hanoi-based joint stock bank in Hanoi has confirmed that the bank has invited the aforementioned CEO to work for the bank. The deputy chairman declined comment on the salary which the bank has offered to the CEO, but he said that salary is just a small part in the total income CEOs can get from banks, and that the sum of one million dollar a year in income is not a too big sum at all.

 

While talking with VnExpress, a former bank CEO revealed that CEO may not get one million dollar a year in salary, but  theCEO’s total income may reach one million dollars.

 

“In big joint stock banks, where the CEO is considered the ‘soul’ of the banks, the total income of the CEO could reach one million dollar per annum, which I don’t think a surprise at all,” he said.

 

The former CEO said the real owners of banks always fear that worries about CEOs’ incomes would affect the business results. Therefore, they always offer high incomes to reassure CEOs. However, CEOs may not get high salaries, while they get extra sums of money under different modes.

 

Top joint stock banks all have high profit of 2,000 billion dong, or $100 million per annum. Meanwhile, the total profit of the whole banking system in 2009 was 29 trillion dong, an increase of 55 percent over the previous year.

 

Among the bank CEOs who have been reportedly invited to work for other banks with the salary of 1.2 million dollar per annum, there are two CEOs of big banks. One of the two is now in HCM City. However, he stated in the recent meeting with branch directors that the contract he signed with the bank is still valid, and he does not intend to leave for another bank at this moment.

 

A member of the board of directors of the bank where the CEO is working has affirmed that the CEO will not leave for another bank and is expected to work another five-year term.

 

The other general director, who is called “the special person” at the bank where he is working, is now in the US. The deputy chairman of the bank has also affirmed that the CEO will certainly not leave for another bank. However, the deputy chairman declined to reveal the information about the current income of the CEO.

 

 

A general director of an investment fund in Hanoi said that in general, it is very difficult for banks to invite famous CEOs to work for them.

 

“The banks, which invite CEO to work for them, have to offer very good working conditions, while high salary is not the most important thing,” he said

 

Commenting about the rumor regarding the one-million-dollar invitation, a deputy chairman of a bank based in HCM City said that even the big banks, which need to have very excellent managers, would not offer the salary which is higher than $300,000 per annum.

 

Meanwhile, the general director of a bank in Hanoi believes that the rumor about the salary of $1.2 million is only a rumor. He said that currently bank CEOs get 200 million dong a month. In some cases, CEOs would have salaries that are several times higher, but he believes that the salary level of $1.2 million dollar a year, or $100,000 (nearly two billion dong) a month is “utopian.”

 

The general director said that in general, a high salary is not the only thing CEOs consider when making decision. They will have to consider other factors when deciding whether to work for a bank, including their power and the bank’s operation mechanism.

 

Source: VnExpress

 

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