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Petrovietnam Finance Corp. to become a bank

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Petrovietnam Finance Corp. to become a bank

Post  1alaskan on Fri May 04, 2012 8:46 pm

Petrovietnam Finance Corp. to become a bank

VietFinanceNews.com - Vietnam's Petrovietnam Finance Corp , or PVFC, will turn into a bank and issue shares to raise its registered capital by 50 percent to 9 trillion dong ($431.9 million), a state-run newspaper said on Friday.

State oil and gas group Petrovietnam has approved the plan to change the operational model of PVFC and plans to bring its ownership in its financial arm to 52 percent from 78 percent by not buying the shares to be issued, said an online report of Dau Tu Chung Khoan newspaper (tinnhanhchungkhoan.vn).

It gave no reason for Petrovietnam's decision to turn PVFC into a bank. PVFC is currently structured as a non-banking financial institution.

Petrovietnam plans to divest from Ocean Bank, in which it holds a 20 percent stake, to comply with the government's requirement that state groups hold stakes in no more than one commercial bank, the report said.

Ocean Bank has a registered capital at 4 trillion dong and total assets at 62.9 trillion dong.

PVFC shares were up 1.3 percent at 15,600 dong in morning trading. ($1=20,840 dong)


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