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Merge soon or else: Petrolimex threatens PGBank with capital withdrawal

State-owned petroleum distributor Petrolimex has threatened to pull its capital from subsidiary PGBank if it did not merge with private HDBank before August 31.

Ngày đăng: 21 tháng 3, 2021
Cập nhật: 4 tháng 10, 2021
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Nguồn: vnexpress

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State-owned petroleum distributor Petrolimex has threatened to pull its capital from subsidiary PGBank if it did not merge with private HDBank before August 31.

State-owned petroleum distributor Petrolimex has threatened to pull its capital from subsidiary PGBank if it did not merge with private HDBank before August 31.

The information was shared by Tran Ngoc Nam, a board member of the Petrolimex Group Commercial Joint Stock Bank (PGBank), at a recent board meeting.Mr. Nam is the Head of Petrolimex Capital Management Department at PGBank.

Petrolimex currently owns 40% of shares of PGBank.

“We cannot wait for the merger any longer,” said Mr. Nam, explaining that Petrolimex is under pressure from the Government to divest from PGBank.

Mr. Nam said he signed a document, as a shareholder, notifying both banks that if the merger is not completed by August 31 of this year, Petrolimex will sell 40% of the shares. their own to other investors.

“Any negotiations that need to take place with HDBank, and any tasks PGBank can undertake, should be done now.The Board of Directors needs to raise these issues with HDBank soon, and at the same time make it clear that the merger cannot wait forever,” said Mr. Nam.

Mr. Nguyen Quang Dinh, Chairman of the Board of Directors of PGBank, said that the merger into HDBank is underway, but getting the final approval of the State Bank (SBV) is difficult.The central bank approved the merger in principle in September 2018, he said.

In April 2018, Ho Chi Minh City Development Commercial Joint Stock Bank (HDBank) agreed to take over unlisted PGBank in a merger deal, with each share of PGBank being 0.621 of one HDBank share.The merger is scheduled to take place in August of that year.

HDBank later said the merger would be aimed at expanding its customer base, including Petrolimex, which holds about 50% of Vietnam's retail transportation fuel market.

As of December 2019, PGBank has assets of more than 31 trillion VND (1 USD.33 billion).It recorded net interest income of VND 855.43 billion ($36.64 million), an increase of 0.9% over the same period last year and profit after tax of 74 VND.62 billion ($3.2 million), down 40% compared to the same period last year due to having to make provision for credit risks.

Earlier this month, PGBank shareholders approved the listing of their shares on the Unlisted Public Company Market (UPCoM), a mezzanine exchange on two of Vietnam's main exchanges with the request lower disclosure in order to encourage companies to trade their shares publicly.

HDBank, considered a medium-sized lender in Vietnam, has nearly VND232 trillion ($9.94 billion) total assets, nearly 13 times that of PGBank, as of December last year.

The retail bank founded by Mrs. Nguyen Thi Phuong Thao - billionaire founder and Chairman of the Board of Directors of Vietjet Air earns 9 dong.75 trillion ($417.62 million) interest income last year, up 27.5% over the same period last year and profit after tax is 4 dong.02 trillion ($172.18 million), an increase of 25.6% annually.

The private bank listed on the Ho Chi Minh City Stock Exchange (HoSE) in November 2017, raising $300 million in IPO.Its HDB stock is currently in the VN30 basket of the highest limit stocks of Vietnam.


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