PVcom Bank now has 102 branches and total assets of over US$4.76 billion.— File Photo

HA NOI (Biz Hub)— The Viet Nam Public Commercial Joint Stock Bank (PVcom Bank) will be established following the merger of the PetroVietnam Finance Joint Stock Corporation and the Western Commercial Joint Stock Bank.

A shareholders' meeting to approve the merger and the new bank's establishment was held in Ha Noi yesterday.

PVcom Bank now has 102 branches and total assets of over VND100 trillion VND (US$4.76 billion).

Its charter capital is set to stand at VND9 trillion ($428.6 million) in 2013 and 2014 and to reach VND12 trillion ($571.4 million) by 2015.

The establishment of the new bank comes within the Government and the State Bank of Viet Nam's policy to restructure the banking system from 2011 to 2015 for a stable and sustainable development. —VNS