PGBank shareholders to discuss MA decision

Tuesday, Apr 03, 2018 12:07

Shareholders of the Petrolimex Group Joint Stock Commercial Bank (PGBank) will gather on April 21 to discuss the bank’s merger and acquisition plan. — Photo

Petrolimex Group Commercial Joint Stock Bank (PGBank) will hold a shareholders’ meeting on April 21 to discuss its restructuring plan.

The bank will finalise the list of shareholders for the upcoming meeting on April 6.

The meeting is being held amidst market speculations regarding the merger of PGBank with either of the two other financial institutions – MBBank and Vietinbank.

It was reported in late 2017 that MBBank was planning an acquisition of PGBank.

At MBBank’s annual shareholders’ meeting on March 29, general director Luu Trung Thai said the bank had discussed the merger plan with PGBank but the two sides had not reached any agreements.

PGBank was approved by its shareholders to merge with Vietinbank in April 2015. The two sides signed a post-merger profile and comprehensive partnership agreement the following month.

Vietinbank announced the share swap ratio of 1:0.9 for its acquisition of PGBank. It meant every PGBank share would be valued at 90 per cent of one Vietinbank share, which was considered profitable to PGBank shareholders.

However, this M&A deal has not been finalised as State Bank of Viet Nam later asked the two banks to review their deal, re-evaluate PGBank shares and re-calculate the share swap ratio between the two sides. — VNS

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