PG Bank, Vietinbank to merge in Q2: Petrolimex

By Toan Dao May 16, 2016 | 04:11 am PT

VietinBank branch. Photo by VnExpress/Hoang Ha

State-controlled Petrolimex plans to complete the merger between its Petrolimex Group Commercial Joint Stock Bank (PG Bank) and Vietnam Bank for Industry and Trade (Vietinbank) in the second quarter of this year, the top oil company said in a statement Monday.

Petrolimex is the biggest shareholder, having 40 percent stake in PG Bank, according to the bank’s data.

The two banks signed deals to prepare for the merger in May last year.

Vietinbank expects its owner’s equity will increase to VND64.46 trillion ($2.86 billion) at the end of this year, from VND56.11 trillion in end-2015, after the merger with PG Bank. Its charter capital is also hoped to surge to VND49.21 trillion later this year, from VND37.23 trillion at the end of 2015, Vietinbank said May 6.

PG Bank, formerly known as Dong Thap Muoi Rural Joint Stock Bank, was established in 1993. Its chartered capital rose to VND3 trillion at the end of 2015, from the initial chartered capital of VND700 million more than 20 years ago.