Tuesday , June 6 2023

Buyers keen to take stake in PGBank

Sixteen potential buyers have registered to purchase a combined 213 million shares of PGBank, almost twice the number its biggest shareholder is selling.

The buyers, comprised of nine individuals and seven domestic organizations, have signed up to participate in the auction of 120 million shares of PGBank, or a 40% stake, which is being sold by Vietnam’s oil and gas giant Petrolimex.

At a starting price of VND21,300 ($0.91) per share, Petrolimex is set to get at least VND2.55 trillion from the sale.

MSB, another lender, is set to seek shareholder permission to buy a domestic credit organization which is “operating normally and high credit quality.”

PGBank is among the lenders that MSB is interested in buying, a leader of the latter told reporters recently.

Several key leaders of MSB have left the lender for PGBank in recent years.

In March 2020, Hoang Xuan Hiep left MSB for PGBank and is now the deputy director in charge of debt handling.

In November 2020, Nguyen Phi Hung, a former deputy director, became the CEO of MSB.

In February this year, Do Thanh Cong, who used to be a member of the risk department of MSB, became a deputy director of PGBank.

PGBank had total assets of nearly VND49 trillion last year and an equity of VND3 trillion, the lowest in the banking system.

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