Who owns PGBank?

Prosperity and Development Commercial Bank (PGBank - stock code: PGB) has just announced the list of shareholders holding at least 1% of the charter capital as stipulated in the Law on Credit Institutions (amended), effective from July 1st.

Accordingly, 3 organizations and 13 individuals owned a total of 409 million shares, equivalent to 97.4% of the bank's capital.

Three businesses currently own approximately 40% of PGBank's charter capital: Cuong Phat International Joint Stock Company (13.541%), Vu Anh Duc Trading Joint Stock Company (13.36%), and Gia Linh Import-Export and Trade Development Company Limited (13.099%).

These three companies acquired 120 million PGB shares, equivalent to 40% of PGBank's charter capital, at the auction held in April 2023 by the Vietnam National Petroleum Group ( Petrolimex ).

The amended Law on Credit Institutions, effective from July 1st, reduces the ownership limit for institutional shareholders (including shares indirectly owned by those shareholders) from 15% to 10%. Under the new regulations, the three aforementioned shareholders of PGBank own shares exceeding this limit.

Ownership stake in PGBank is highly concentrated (Illustrative image: PGB).

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The list of shareholders holding 1% or more of the charter capital includes Mr. Dinh Thanh Nghiep, a member of the Board of Directors, who holds 4.3 million PGB shares, equivalent to 1.025% of the charter capital.

The remaining 12 individual shareholders own 236.55 million PGB shares, equivalent to over 56% of the bank's capital. These investors hold between 14 million and 21 million shares, equivalent to ownership percentages from 3.4% to 4.92%. Specifically, Ms. Nguyen Thi Thu Ha holds 20.76 million shares (4.944%), Ms. Van Le Hang holds 20 million shares (4.78%), Mr. Trinh Binh Long owns 20.5 million shares (4.884%), and so on.

Regarding its operational status, at the extraordinary general meeting of shareholders in August 2024, PGBank approved the election of two additional independent members to the Board of Directors: Mr. Dao Quoc Tinh and Ms. Cao Thi Thuy Nga.

The General Meeting of Shareholders also unanimously approved the relocation of the head office to the Thanh Cong building, which currently houses the headquarters of the Group and many other businesses within the TC Group ecosystem.

PGBank, formerly known as Petrolimex Petroleum Bank, was renamed at the end of last year after Petrolimex divested all its capital in April 2023. PGBank is a small-scale bank, with total assets of only VND 59,600 billion.

In March, PGBank increased its charter capital after more than a decade. The bank issued 120 million shares, thereby raising its charter capital from VND 3,000 billion to VND 4,200 billion.

Regarding business performance, at the end of the first six months of the year, PGBank reported pre-tax profit of nearly 268 billion VND, a decrease of 7% compared to the same period last year.

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Source: https://dantri.com.vn/kinh-doanh/ai-la-chu-cua-pgbank-20240920094020347.htm