VietinBank to announce PG Bank merger plan soon
(Feb 25, 2015)
The Viet Nam Bank for Industry and Trade will soon announce
its plan to merge with the Petrolimex Group Commercial Joint Stock Bank.
The total assets of the domestic credit institution system were worth
nearly VND6.52 quadrillion (US$310.48 billion) at the end of last year, a
12.2 per cent increase over 2013.
Hoang Ngoc Hoa in HCM City's Tan Binh District needed money to buy a
new house so she used the overdraft service of a commercial bank near
her home, using her bank card to access a loan.
Viet Nam must develop its capital market to avoid the current dependence
of long-term investment capital on the banking system, State Bank of
Viet Nam Governor NguyenVan Binh has suggested.
The Government has proposed to the Party Central Committee and the
National Assembly a scheme that would reduce bad debts in the nation's
banking system this year to three per cent of total lending.
The State Bank of Viet Nam will allow domestic commercial banks to
start companies responsible for transporting cash to branches and
transaction offices in order to reduce related expenses.
Office workers were unable to withdraw cash from ATMs following payment and Tet bonuses over the weekend.
It is necessary to further cut interest rates on long- and medium-term
loans to enable companies to expand and invest in equipment and
technology, the HCM City People's Committee has said.
The Bank for International Development of Viet Nam (BIDV) and the
National Economics University (NEU) on Wednesday signed a co-operation
agreement for the 2015-19 period.
The acting General Director of Agribank, Tiet Van Thanh, was appointed as General
Director of the bank on February 10.
The State Bank of Viet Nam has a new Deputy Governor.