Petrolimex Petroleum Bank will change its name to Prosperity and Development Bank after three major shareholders acquired 40% of shares from Petrolimex.
The Board of Directors of Petrolimex Petroleum Bank (PG Bank) has just announced a resolution approving the change of the bank's name to Prosperity and Development Bank, the new abbreviation is PGBank. The bank will submit this change to the State Bank for approval.
The plan to change the name and headquarters was mentioned at the shareholders' meeting last October. The commercial name and logo of the bank currently used are associated with PG Bank's previous major shareholder, the Vietnam National Petroleum Group (Petrolimex). However, Petrolimex has now divested and is no longer a major shareholder at the bank. This enterprise also requested PG Bank to stop using the brands owned by Petrolimex before December 31, 2023.
Therefore, changing the trade name and new brand identity, according to the board of directors, is necessary to suit the current situation and restructuring direction of the bank.
In addition, this bank has also approved the change of headquarters to HEAC Building No. 14-16 Ham Long, Phan Chu Trinh Ward, Hoan Kiem District, Hanoi .
The series of changes took place after three major shareholders acquired 40% of shares from the 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, PGBank's top personnel have been constantly changing after Petrolimex divested its capital.
After the restructuring of the board of directors, PGBank has a new chairman, Mr. Pham Manh Thang, a former boss of Vietcombank. The vice chairman of this bank is Mr. Dao Phong Truc Dai, who used to represent the shareholder group of Thanh Cong Group when he held the position of a member of the board of directors at the Export-Import Bank (Eximbank). Two weeks ago, this bank also appointed a new general director, Ms. Dinh Thi Huyen Thanh.
PGBank is not in the group of weak banks, bad debt is also under 3%, the biggest limitation of this bank is the ownership ratio exceeding the ceiling of Petrolimex. However, since 2014, banks have started to "approach" PGBank but no deal has been done until this year.
Petrolimex's divestment from PGBank opens up opportunities for change for this bank. At the end of the third quarter, PGBank's total assets only reached nearly VND47,800 billion, and its equity was also at the minimum level required by regulations of VND3,000 billion.
In the first 9 months of this year, this bank's pre-tax profit was 360 billion VND, down 7% compared to the same period in 2022 in the context of other non-credit business segments such as services, foreign exchange, and other profits all declining.
Quynh Trang
Source link
Comment (0)