Petrolimex Petroleum Bank will be renamed Prosperity and Development Bank after three major shareholders acquire 40% of the shares from Petrolimex.
The Board of Directors of Petrolimex Petroleum Bank (PG Bank) has just announced a resolution approving the renaming of the bank to Prosperity and Development Bank, with the new abbreviation being PGBank. The bank will submit this change to the State Bank of Vietnam for approval.
The plan to change the name and headquarters was mentioned at the shareholders' meeting last October. The bank's current trade name and logo are associated with PG Bank's former major shareholder, Vietnam National Petroleum Group (Petrolimex). However, Petrolimex has divested its stake and is no longer a major shareholder in the bank. Petrolimex also requested PG Bank to cease using trademarks owned by Petrolimex before December 31, 2023.
Therefore, according to the board of directors, changing the trade name and brand identity is necessary to align with the bank's current situation and restructuring direction.
In addition, the bank has also approved the relocation of its head office to HEAC Building, 14-16 Ham Long Street, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi .
The changes occurred after three major shareholders acquired 40% of the shares from Vietnam National Petroleum Group (Petrolimex), including Gia Linh Import-Export and Trade Development Company Limited (13%), Cuong Phat International Joint Stock Company (14%), and Vu Anh Duc Trading Joint Stock Company (13%). In recent months, the top management of PGBank has continuously changed following Petrolimex's divestment.
Following the restructuring of its board of directors, PGBank has a new chairman, Mr. Pham Manh Thang, a former executive at Vietcombank. The bank's vice chairman is Mr. Dao Phong Truc Dai, who previously represented the Thanh Cong Group 's shareholder group when he served as a board member at Eximbank. Two weeks ago, the bank also appointed a new general director, Ms. Dinh Thi Huyen Thanh.
PGBank is not among the weak banks, with non-performing loans below 3%. The biggest limitation of this bank is Petrolimex's ownership stake exceeding the legal limit. However, since 2014, banks have begun to explore the possibility of acquiring PGBank, but no deals have been completed until this year.
Petrolimex's divestment from PGBank opens up opportunities for change within the bank. At the end of the third quarter, PGBank's total assets were only nearly 47,800 billion VND, and its equity was at the minimum level of 3,000 billion VND as required by regulations.
In the first nine months of this year, the bank reported a pre-tax profit of VND 360 billion, a 7% decrease compared to the same period in 2022, amidst a decline in other non-credit business segments such as services, foreign exchange, and other income.
Quynh Trang
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