PetroVietnam to divest VND5 trillion from two banks

Thursday, Oct 09, 2014 14:15

PetroVietnam will divest from Ocean Bank and PVCombank by 2015. – Photo

HA NOI (Biz Hub) – The Vietnam National Oil and Gas Group (PetroVietnam) will divest VND5 trillion or US$235 million from PVCombank and Ocean Bank by 2015.

According to business news site, the group's Deputy General Director Le Minh Hong announced this at the press conference on October 8.

The group currently holds 52 per cent of PVCombank's capital and 20 per cent of Ocean Bank's capital.

Hong said that PetroVietnam has already prepared road maps for its divestment from these two banks. However, they haven't been implemented because the government asked the group to continue investing in PVCombank till the end of 2015. Meanwhile, the group has to wait for instructions from the State Bank of Vietnam for its withdrawal from the Ocean Bank.

PetroVietnam has invested in 11 businesses that are not in the oil and gas sector and plans to divest from all of these, according to Hong.

Last March, PetroVietnam divested VND600 billion, or about $28 million, from the Lai Vu Industrial Zone by transferring the management to the Hai Duong Province. – VNS

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