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Vietinbank looking to close PG Bank merger in September

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Vietinbank looking to close PG Bank merger in September

Vietnam JointStock Commercial Bank for Industry & Trade, or Vietinbank, isexpected to complete its proposedmerger with Petrolimex Group Commercial Joint Stock Bank, or PGBank, in September, The Business Times reported April 28,citing local media.

The Vietnamese government is likely to approve the deal inMay.

Vietinbank will issue 270 million shares to swap for 300million shares of PG Bank. The merger will push the equity of Vietinbank tomore than 64.45 trillion dong and increase the bank's chartered capital toabout 49.02 trillion dong.

The merger's completion has been due to several factors,including some issues with administrative procedures. Vietinbank previouslyexpected to close the merger in the first quarter after failing to close thedeal by 2015-end.

As of April 29, US$1was equivalent to 22,290 Vietnamese dong.