Nguyen Hoang Linh has been made the new general director for Vietnam Public Bank (PVcomBank) replacing Nguyen TheBao, who has been re-positioned to PetroVietnam Exploration Production Corporation (PVEP) as a member of the management board.
Linh has over 16 years’ experience in the financial and banking sector and was the deputy general director of corporate banking division at PVcomBank, before joining his new post. This change of management has come just days after PVcomBank signed a co-operation pact with PVGas to collaborate in different banking-related areas like depositing, investment, payment, credit, financial advisory and individual financial services.
PVGas, PVcomBank and PVEP are three of the many subsidiaries of PetroVietnam (Vietnam Oil and Gas Group). The group is going through consolidation, which might involve offloading stake in 11 of its affiliates, which are not directly linked or involved in its core business. This might involve reducing shares in its different bank holdings. Currently,PetroVietnam is one of the the bigger stakeholders in banks like PVcomBank, where it holds 52% stake and OceanBank, where its stake is 20%.
PetroVietnam’s revenues in the first nine months of this year were 560.1 trillion VND ($26.36 billion), of which 125.5 trillion VND was added to the state coffers. It focuses on deploying and operating the system of gathering, transporting, storing, processing, and distributing gas products in Vietnam and connecting with Trans – Asian gas pipeline.
PVcomBank officially began in October 2013 with total assets of 100 billion VND, charter capital of 9,000 billion VND with PetroVietnam (52%) as a major shareholder and Morgan Stanley (6.7%) as a strategic shareholder. Currently PVcomBank credit is concentrated in the oil and gas industry, typically as arranger and lender of the projects.
PetroVietnam Exploration Production Corporation (PVEP) is engaged in oil and gas exploration and production. It has operations in Vietnam, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Mongolia, Iran, Tunisia, Algeria, Cameroon, Madagascar, Congo, Peru, and Venezuela.