Chairman named for PVFC and Western Bank merger

Monday, Sep 09, 2013 11:26

Nguyen Dinh Lam. — Photo

HA NOI (Biz Hub) — PetroVietnam Finance (PVFC) Chairman Nguyen Dinh Lam will take the reins as chairman of the new Vietnam Public Bank (PVcombank), to be formed by a merger between PVFC and Western Bank.

The decision was made at a joint shareholder meeting on Sunday, where shareholders agreed the new bank would have an initial equity of VND9 trillion (US$428.6 million) and VND12 trillion ($571.4 million) by 2015. Profits are expected to reach VND1.24 trillion ($59.05 million).

PVcombank will concentrate on expanding loans to the oil and gas sectors, including mineral exploitation and energy production; with lending in these areas expected to rise from 42.3 per cent at the end of last year to 48 per cent by 2015.

Agriculture lending will remain a minority share of the bank's offering at around 1 per cent.

The two parties received an initial nod from the State Bank of Viet Nam on the proposed merger last month. — VNS

Comments (1)

Quá đau lòng, nhìn thằng bé gầy gò thế, nỡ lòng nào mà đánh hội đồng nó. Cần tìm ra người đánh em ấy là ai và nhà trường nơi hai đứa theo học phải có biện pháp xử lý.

Hoàng My - Friday, 12/06/2015, 12:39 Reply | Like