PGBank wants to change name and headquarters after Petrolimex divests capital

PGBank convened an extraordinary shareholders' meeting to complete the personnel of the Board of Directors and Supervisory Board, and approve the change of name and headquarters of the bank.

In addition to the above contents, Petrolimex Petroleum Bank (PGBank) also submitted to shareholders for approval the increase of charter capital, restructuring plan associated with bad debt settlement for the period 2021-2025. The detailed contents of these submissions have not yet been announced by PGBank.

The meeting is scheduled for the morning of October 23, in Ninh Binh, after many senior bank personnel resigned for personal reasons.

On August 25, two members of the Board of Directors, Mr. Nilesh Ratilal Banglorewala and Mr. Oliver Schawarzhaupt, submitted their resignations. Head of the Supervisory Board Duong Anh Tuyet also submitted her resignation on the same day.

The change in top management at PGBank took place after the Vietnam National Petroleum Group (Petrolimex) divested all 40% of its capital contribution. In the auction in April, all of these shares were sold to four investors, with a total proceeds of VND2,568 billion.

In early July, PGBank approved the appointment of Mr. Pham Manh Thang as Acting General Director of the bank. Mr. Thang had been Deputy General Director of Vietcombank since March 2014 and retired in May this year. On the same day, PGBank's Board of Directors also approved the dismissal of Mr. Oliver Schwatzhaupt as Chairman and elected General Director Nguyen Phi Hung to this position.

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.

Petrolimex's divestment from PGBank opens up opportunities for change for this bank. By the end of the second quarter, PGBank's total assets reached only nearly VND47,000 billion, and its equity reached the minimum level required by regulations of VND3,000 billion - also the lowest level in the system.

Minh Son

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