PGBank shareholders to discuss MA decision

Shareholders of the Petrolimex Group Joint Stock Co妹妹ercial Bank (PGBank) will gather on April  二 一 to discuss the bank’s merger and acquisition plan. — Photo thoibaokinhdoanh.vn

HÀ NỘI — Petrolimex Group Co妹妹ercial Joint Stock Bank (PGBank) will hold a shareholders’ meeting on April  二 一 to discuss its restructuring plan.

The bank will finalise the list of shareholders for the upcoming meeting on April  六.

The meeting is being held amidst market speculations regarding the merger of PGBank with either of the two other financial institutions – MBBank and Vietinbank.

It was reported in late  二0 一 七 that MBBank was planning an acquisition of PGBank.

At MBBank’s annual shareholders’ meeting on March  二 九, general director Lưu Trung Thái said the bank had discussed the merger plan with PGBank but the two sides had not reached any agreements.

PGBank was approved by its shareholders to merge with Vietinbank in April  二0 一 五. The two sides signed a post-merger profile and comprehensive partnership agreement the following month.

Vietinbank announced the share swap ratio of  一:0. 九 for its acquisition of PGBank. It meant every PGBank share would be valued at  九0 per cent of one Vietinbank share, which was considered profitable to PGBank shareholders.

However, this M A deal has not been finalised as State Bank of Việt Nam later asked the two banks to review their deal, re-evaluate PGBank shares and re-calculate the share swap ratio between the two sides. — VNS