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VietinBank may take over PG Bank - report
April 11, 2014 / 3:55 AM / 4 years ago

VietinBank may take over PG Bank - report

HANOI, April 11 (Reuters) - Petrolimex Bank (PG Bank), a small Vietnamese lender owned by the country’s top oil product importer and distributor Petrolimex, could be taken over by VietinBank as part of a restructuring process, PG Bank said in a report.

The lender has been in talks with VietinBank, Vietnam’s second-largest bank by assets, on a takeover, said the report to be delivered to PG Bank shareholder meeting set for April 18.

If approved by shareholders, VietinBank could own up to 99 percent in PG Bank, which will then become an affiliate of VietinBank, the report said. (Reporting by Ho Binh Minh; Editing by Stephen Coates)

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