PG Bank gets approval to list 300 mln shares on unlisted market

The first trading day of PGB shares will be December 24, with the reference price of VND15,500 ($0.66) apiece.

In the third quarter of 2020, Petrolimex Petroleum Commercial Joint Stock Bank reported a pre-tax profit at VND21.2 billion, down 70 percent compared to the same period last year. Nine-month pre-tax profit reached VND131 billion ($5.6 million).

As of end-September, PGBank's total assets reached VND33,396 billion, up 5.8 percent compared to the beginning of the year.

As of October 26, 2020, PG Bank's major shareholder Petrolimex owns 120 million shares, equivalent to 40 percent of the bank's charter capital.

Earlier, PG Bank planned to merge with HDBank. However, after more than 2 years since the merger information was announced, the merger between the two lenders could not take place due to the lack of information from the State Bank of Vietnam.

The merger plan was approved by the banks’ shareholders during the General Meeting of Shareholders of the two banks in April 2018. With the official listing on UPCoM, the merger will be difficult to take place.