TC Group's shadow "hidden" behind PGBank

Current shareholder structure and the "shadow" of TC Group at PGBank

By the end of 2024, PGBank had a significant change in its shareholder structure. Three large organizations accounted for a total of about 40% of the bank's charter capital, including Gia Linh Import-Export and Trade Development Company Limited (13.099%), Cuong Phat International Joint Stock Company (13.541%) and Vu Anh Duc Trading Joint Stock Company (13.359%). These three enterprises acquired 120 million PGB shares in an auction by Petrolimex in April 2023.

In addition, the bank also has more than 13 individual shareholders owning from 1% to nearly 5% of shares, totaling more than 56% of charter capital. This shows that PGBank still maintains a diverse number of individual shareholders in addition to large organizations.

TC Group's shadow — TC Group Chairman attends PGBank's shareholder meeting

It is noteworthy that the three organizations that own the majority of these shares all have close relationships with Thanh Cong Group (TC Group), a large private corporation in Vietnam. For example: Cuong Phat International Joint Stock Company is managed by Mr. Nguyen Van Manh, the founder of PL International Joint Stock Company; while Mr. Nguyen Toan Thang, the younger brother of Thanh Cong Group Chairman Nguyen Anh Tuan, is the owner of PL International Joint Stock Company.

Similarly, Vu Anh Duc Trading Joint Stock Company has a relationship with TCHB Company Limited, a legal entity wholly owned by a company in the Thanh Cong system. Thanh Cong Group has also been officially confirmed as a strategic partner to support PGBank in restructuring and expanding its business.

In addition, two individuals related to Thanh Cong Group, Mr. Nguyen Van Ty and Mr. Vu Tuan Anh, have been nominated to the Board of Directors of PGBank for the 2025-2030 term. Mr. Nguyen Van Ty is currently an expert in the Investment Department of Thanh Cong Group and also holds the position of Head of the Supervisory Board at PV-INconess Investment JSC - a member of Thanh Cong Group. Mr. Vu Tuan Anh has held leadership positions at companies related to Thanh Cong Group from 2013 to present.

Ownership structure at PGBank is exceeding regulations

One of the outstanding issues is that each major shareholder owns more than 10% of shares, exceeding the 10% limit prescribed by the amended Law on Credit Institutions effective from July 1, 2024. This could cause legal difficulties and affect the bank's ability to increase capital in the future.

Another development is said to be the adjustment of share ownership ratio, whereby the three major shareholders of PGBank have taken steps to reduce their ownership ratio to comply with legal regulations. In total, the ownership ratio of the three major shareholders has decreased from 40% to 33.6%.

Specifically, in April 2025: Vu Anh Duc Trading Joint Stock Company: transferred nearly 10.7 million stock purchase rights, reducing ownership ratio from 13.36% to 11.22%. Cuong Phat International Joint Stock Company: transferred more than 10.83 million purchase rights, reducing ownership ratio from 13.541% to 11.375%. Gia Linh Import-Export and Trade Development Company Limited: transferred 10.48 million purchase rights, reducing ownership ratio from 13.099% to 11%. However, the above ownership ratio still exceeds the threshold prescribed by the Law.

Therefore, PGBank needs to make reasonable adjustments in its shareholder structure to ensure compliance with legal regulations and enhance transparency in corporate governance.

In particular, after divesting from state capital, PGBank has changed its brand name and transformed into a private banking model with the goal of building a new, modern image that is consistent with its long-term development strategy. The bank has changed its brand name, moved its headquarters to Hanoi , added senior personnel and increased its charter capital from VND3,000 billion to VND5,000 billion.

These changes represent a comprehensive restructuring effort to improve operational efficiency, enhance financial capacity and increase market competitiveness.

PGBank’s current ownership reflects a strong transformation from a state-owned bank to a private joint-stock commercial bank. However, the concentrated shareholder structure and close relationship with a large private corporation pose many legal and governance challenges. PGBank needs to continue diversifying its shareholders, improving operational efficiency and ensuring compliance with legal regulations for sustainable development, contributing to the development of Vietnam’s banking industry in the future./.

Source: https://baodaknong.vn/bong-dang-tc-group-an-dang-sau-pgbank-253842.html