JavaScript is off. Please enable to view full site.

​Vietnam's HDBank to absorb PGBank in merger

Sunday, April 22, 2018, 08:32 GMT+7
​Vietnam's HDBank to absorb PGBank in merger
People walk past the stock exchange centre in Hanoi, Vietnam January 26, 2018. Photo: Reuters

Vietnam’s Ho Chi Minh City Development Joint Stock Bank, better known as HDBank, said its shareholders approved on Saturday a plan to merge with the unlisted Petrolimex Group Commercial Joint Stock Bank as it seeks to expand operations in the country.

The merger is scheduled to take place by August this year, the bank said in a statement.

Each share of Petrolimex Group Commercial Joint Stock Bank, or PGBank, will be converted into 0.621 HDBank share, it said, adding that HDBank will issue 300 million new shares for the conversion.

The merger will enable HDBank to expand its client base, including with Vietnam National Petroleum Group, which holds a 40% stake in PGBank and a share of around 50 percent of Vietnam’s retail-transport fuel market.

The shareholders also approved a pretax profit target of 3.92 trillion dong ($172.15 million) for this year, a 62.2 percent increase from last year.

HDBank, a retail bank whose vice chairwoman is Nguyen Thi Phuong Thao, the billionaire founder and chairwoman of Vietjet Aviation, is targeting to grow total assets to 242.87 trillion dong by the end of this year, up 28.3 percent from end-2017.

HDBank, which listed its shares on the Hochiminh Stock Exchange in January following a $300 million IPO in November, reported pretax profit of 1.045 trillion dong in the first quarter this year, up 170 percent from a year earlier.

($1 = 22,771 dong) 

Like us on Facebook or follow us on Twitter to get the latest news about Vietnam!

Reuters

More

Read more

;

Photos

VIDEOS

Experience summer sand-boarding in Mui Ne

Sand-boarding, a popular activity amongst local children in the coastal tourism town of Mui Ne in south-central Vietnam, is attracting hundreds of tourists to the Red Sand Dunes

Young maple trees given better protection as Hanoi enters rainy season

The trees are currently growing well, with green leaves and healthy branches.

Hunting skinks for food in southern Vietnam

Skink meat is known to be soft, tasty, and highly nutritious.

Vietnamese-made app allows people to grow real veggies via smartphone

Nguyen Thi Duyen, a young engineer in Hanoi, developed the app and its related services to help busy people create their own veggie gardens.

Chinese tourists hit by Vietnamese over dine and dash

Four Chinese were reportedly injured, with one having a broken arm.

Latest news

China virus death toll rises to nine as pandemic fears mount

As China vowed to tighten containment measures in hospitals, the World Health Organization (WHO) was due to hold an emergency meeting on Wednesday to determine whether the outbreak of the new coronavirus constitutes a global health emergency