PetroVietnam to divest from PVcomBank

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PetroVietnam to divest from PVcomBank

Vietnam Investment Review - 8/4/2015 2:47:52 PM

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The Viet Nam Oil and Gas Group (PetroVietnam) will divest its holding in the Viet Nam Public Bank (PVcomBank) this year, a government's press conference was told last Friday.

State Bank of Viet Nam (SBV) Deputy Governor Nguyen Thi Hong said the central bank had submitted a statement on the divestment to the government following national policies to restructure State-owned enterprises, which are to withdraw their investment capital from non-core businesses.

"Currently, the SBV is coordinating with the Ministry of Industry and Trade and PetroVietnam to carry out the process in conformity with the law," she said.

PVcomBank announced on its website that it has VND100 trillion ($4.76 billion) in total assets and VND9 trillion ($428.57 million) in charter capital. PetroVietnam owns 52 per cent and strategic shareholder Morgan Stanley holds 6.7 per cent of its equity.

The ministry has reportedly presented a scheme to reorganise PetroVietnam to Prime Minister Nguyen Tan Dung for consideration, while the oil and gas company is dealing with procedures to transfer its stake in the bank to the SBV.

The transfer of the stake, valued at VND4.68 trillion (US$214.68 million) in terms of shares' face value, is expected to be completed in 2015.

This year, PVcomBank plans to report a turnover of VND5.8 trillion ($266.10 million) and a pre-tax profit of VND140 billion ($6.42 million), and keep its bad debt ratio below three per cent of its total outstanding loans.

Last year, it witnessed VND7 trillion ($307.34 million) turnover, about 37 per cent higher than the annual target. It gained VND130 billion ($5.96 million) in pre-tax profits, exceeding the targeted figure by VND1 billion ($45,870).

PVcomBank was formed in late 2013 following the merger of Western Bank and PetroVietnam Finance Corporation.

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