A PVcomBank branch in Ha Noi. The bank's purchase of shares in PVFC Capital has been approved by the SBV.— Photo giaoduc.net.vn

HA NOI (Biz Hub) — The State Bank of Vietnam (SBV) Governor has permitted PVcomBank to buy shares in PetroVietnam Finance Fund Management Inc., (PVFC Capital) to turn the company into PVcomBank's subsidiary.

PVcomBank is required to take over the responsibilities of managing the investment in PVFC Capital, conforming to relevant regulations, and ensuring and maintaining the bank's operations.

PVFC Capital is purchasing shares, as commercial banks are strengthening their positions by buying investment and finance companies in an effort to stay ahead of competition in retail banking, and to expand their market share.

The Governor has also approved PVcomBank's establishment of the Nghe An branch in the central Nghe An Province, and has agreed with the bank's proposal to stop operations at the Hau Giang branch in the southern Hau Giang Province. — VNS