Ho Chi Minh City Development Bank (HDBank), whose vice-chairman is Vietnam’s first female billionaire Nguyen Thi Phuong Thao, has announced that its shareholders have approved a plan to merge with unlisted Petrolimex Group Commercial Joint Stock Bank (PGBank) in a share-swap deal.
In a statement in its annual shareholders meeting, HDbank said, each share of PGBank will be converted into 0.621 HDBank shares. HDBank will issue 300 million ordinary shares for the conversion.
