Vietnam Public Bank to make its debut

September 07, 2013 | 10:20

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A new bank, set up by the merger of PetroVietnam Finance (PVFC) and WesternBank, is expected to make its debut in October this year.

PVFC and WesternBank will hold a shareholders meeting on September 8 to discuss the establishment of Vietnam Public Bank (PVcomBank).

PVcomBank will have 102 branches and transaction offices, including 30 branches. Its total assets will be around VND105.641 trillion (USD50.3 billion), ranking it 11th among Vietnamese commercial joint stock banks after BIDV, Vietinbank, Vietcombank, ACB, Techcombank, Eximbank, Sacombank, MB, SCB and SHB.

Meanwhile, its charter capital will be VND9 trillion (USD428.57 million), putting it at 9th position and higher than Techcombank and SHB. This figure will be raised to VND12 trillion (USD571.42 million) in 2015.

PvcomBank expects to earn after-tax profits of VND420 billion (USD20 million) in 2013, VND756 billion (USD36 million) in 2014 and VND1.23 trillion (USD58.6 million) in 2015.

Tien Phong, dtinews

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