Representatives of PVcomBank and PVGas sign a co-operation agreement on October 24. — Photo cafef.vn

DA LAT (Biz Hub) ─ The Viet Nam Public Bank (PVcomBank) and the PetroVietnam Gas Joint Stock Corporation (PVGas) signed a comprehensive co-operation agreement in this Central Highlands city last Friday.

The two sides will collaborate in such areas as depositing, payment, credit, investment, financial advisory and individual finance services. PVGas will prioritise the use of PVcomBank's services, while the bank will create specific products for the company.

With this co-operation agreement, PVcomBank is committed to serving key projects of the oil and gas sectors, the bank said in a news release.

PVGas is one of the major units of the Viet Nam Oil and Gas Group, or PetroVietnam. It contributed more than VND67 trillion (US$3.19 billion) to the sector's revenues, and about VND5.7 trillion ($271.43 million) to the State budget in 2013.

PVcomBank came into operation in October 2013, with more than VND100 trillion ($4.76 billion) in total assets and VND9 trillion ($428.57 million) in charter capital. PetroVietnam owns 52 per cent and strategic shareholder Morgan Stanley holds 6.7 per cent of the bank's equity. ─ VNS