PVFC agrees on plan to merge with Western Bank
PVFC agrees on plan to merge with Western Bank
A majority of the shareholders of the PetroVietnam Finance Join Stock Corporation (PVFC) has agreed upon the plan to have their institution merged with Phuong Tay (Western Bank).
At the annual shareholder meeting on Saturday, more than 75 percent of the shareholders with a voting right approved the decision to merge.
Under the plan, the merged commercial joint stock bank will have a total registered capital of VND9 trillion, equal to 900 million shares worth VND10,000 each, and total assets of VND100 trillion.
The capital and assets of the two parties will be transferred to the new bank on the merger day, PVFC said in a statement.
Shareholders of the two sides, meanwhile, will become holders of the shares of the merged bank, with all rights and responsibilities reserved.
PVFC is speeding up procedure to merge with Western Bank as quickly as possible, the company said in its shareholder meeting report.
The 2008 – 2013 terms of the board of directors and the supervising panel of PVFC are thus allowed to be extended until the merger is completed, it said.
The new board and panels of the merged bank will be decided upon at its first shareholder meeting.
In 2012 PVFC booked VND7.38 trillion in revenue, equal to 132 percent of its full-year target.
Profits before setting aside loan loss provisions were VND429 billion, and VND54 billion after the provisions. Total assets by the end of 2012 were worth VND87.73 trillion.
PVFC has targeted VND5.67 trillion in revenues this year, and a post-tax profit of VND72.5 billion, a 35 percent increase compared to the 2012 figures.
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