VietinBank says seeking approval on merger with PG Bank

Reuters

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VietinBank, the largest of Vietnam's banks that are part-owned by private companies, said it is seeking shareholders' approval to merge with unlisted domestic lender the Petrolimex Group Bank.
PG Bank, 40 percent owned by top fuel importer and distributor Petrolimex, has a large competitive edge, VietinBank said in a statement to be submitted to shareholders at a general meeting on Tuesday.
If approved, VietinBank will issue more shares for conversion with PG Bank shares under the merger plan, the statement said.
VietinBank, or the Vietnam Bank for Industry and Trade, is 64.5 percent owned by the state while Japan's Bank of Tokyo-Mitsubishi UFJ has a 19.73 percent holding.

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