The Vietnam Public Commercial Joint Stock Bank (PVcom Bank) will be established on the merger of the PetroVietnam Finance Joint Stock Corporation and the Western Commercial Joint Stock Bank.

A shareholders’ meeting to approve the merger and the new bank’s establishment was held in Hanoi on September 8.

PVcom Bank now has 102 branches and a total asset of over 100 trillion VND (4.76 billion USD).

Its charter capital is set to stand at 9 trillion VND (428.6 million USD) in 2013 and 2014 and to reach 12 trillion VND (571.4 million USD) by 2015.

The establishment of the new bank comes within the Government and the State Bank of Vietnam’s policy to restructure the banking system from 2011 to 2015 for a stable and sustainable development.-VNA