SBV to become largest shareholder of PVcomBank

The State Bank of Vietnam (SBV) will become the largest shareholder of PVcomBank after the bank’s restructuring project completes in the phase of 2016-2020.

According to the project approved by the Government, SBV will be owner’s representative for the Vietnam National Oil and Gas Group (PVN)’s capital at the bank.

At the end of 2015, PVN owned 52 percent of the bank’s chartered capital of VND9 trillion (US$403.61 million).

PVcomBank is result of the merger between PetroVietnam Finance Corporation (PVFC), a subsidiary of PVN, and WesternBank.

The bank is expected to organize its annual shareholder meeting 2016 on June 30.

By Nhung Nguyen – Translated by Hai Mien

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