Petrolimex expects to earn VND1 trillion from PGBank, HDBank merger The Saigon Times Daily A gas station of Petrolimex in HCMC. The group expects to generate VND1 trillion in profit from the merger of PGBank and HDBank – PHOTO: THANH HOA HCMC – Vietnam National Petroleum Group (Petrolimex), which holds a 40% stake in Petrolimex Group Commercial Joint Stock Bank (PGBank), expects to generate VND1 trillion in profit from the merger of PGBank and HCMC Development Joint Stock Commercial Bank (HDBank), Nguoi Lao Dong newspaper reported, citing statements from Petrolimex Chairman Pham Van Thanh. At a meeting today, September 25, between Petrolimex and the prime minister’s working group, Thanh said that the merger is expected to be completed by the end of this year. On September 7, the State Bank of Vietnam gave its in-principle approval for the merger. Within two months, HDBank must submit a formal application to the central bank to get approval for the merger, based on prevailing regulations. In late April, shareholders of HDBank approved a plan to acquire the Hanoi-based PGBank under a share-swapping deal. Each share of PGBank will be converted into 0.621 of an HDBank share, while HDBank plans to issue 300 million new shares for the conversion.