PGBank marriage to give Maritime Bank a facelift
Taking in a PGBank merger is expected to help Maritime Bank to grow strongly amid increasingly fierce competition among banks and limited room for medium and small lenders to expand, according to Maritime Bank.
The Vietnamese bank is listed on the Ho Chi Minh Stock Exchange (HoSE) as MSB. In new documents to be submitted at its upcoming annual general meeting of shareholders, MSB plans to take in another Vietnamese commercial bank that meets norms in terms of total asset value, equity, and credit quality.
Rumors have been spreading about a future merger of Petrolimex Commercial Joint Stock Bank (PGBank), registered on the unlisted public company market UpCOM as PGB. MSB is rumored as the one that would take in the merger.

A customer makes transactions at PGBank. Photo courtesy of the bank.
On April 7, the Vietnam National Petroleum Group (Petrolimex) will offer all 120 million of its PGB shares, or 40% of all PGB shares, to the public via an auction on the HoSE, with a starting price of VND21,300 ($0.91) per share. According to a recent announcement by the HoSE, 16 investors have registered to buy nearly 213 million PGB shares, 80% higher than those up for sale.
On the stock market, PGB has made strong gains of up to 44% in the past two months. This strengthens the hypothesis of a "marriage" between these two banks, which boast a close relationship.
On its website, TNG Holdings Vietnam names two affiliated companies in the banking sector, namely MSB and PGBank.
Four of PGBank’s nine-member board of directors are closely related to MSB, namely vice chairman Nguyen Tien Dung (chairman of TNPower, CEO of TNG Asset), Nguyen Phi Hung (former CEO of MSB), Nilesh Banglorawala (former chief accountant of MSB), and Oliver Schwarzhaupt (former CEO of MSB).
On the bank’s management board, Nguyen Phi Hung is CEO, and Hoang Xuan Hiep, who was a former deputy CEO of MSB, serves as deputy CEO. Meanwhile, Duong Anh Tuyet, former deputy CEO of MSB, is now a member of PGBank’s supervisory board.
The strong presence of MSB partly explains the failed "marriages" between PGBank and Vietinbank, MBBank and later HDBank. In particular, the HDBank - PGBank deal was even approved in principle by the State Bank of Vietnam. Billionaire Nguyen Thi Phuong Thao's HDBank also sent a representative to join the PGBank board in late 2019, but the deal still arrived at a dead end.
In late 2021, a large real estate group in southern Vietnam wanted to invest in PGBank, but then had to withdraw its offer because the price was too high.
At the beginning of 2021, a series of MSB leaders assuming executive and management roles at PGBank led to rumors about a merger between the two banks. However, CEO Nguyen Hoang Linh of MSB at that time rejected the information.
“Some former leaders have moved to work at PGBank after they ended their contracts at MSB. Their job changes have nothing related to the bank’s merger plans," said Linh.
That was the story two years ago, and the current situation is much different, with the joint stock commercial banking system increasingly revealing its shortcomings, and the central bank aggressively tightening cross-ownership and “backyard" lending.
In terms of growth potential, small banks like PGBank are increasingly being left behind in the race for market share and profit, while medium-sized banks like MSB are also under great pressure and do not have much room to scale up.
This "marriage" is expected to open up a positive outlook for both parties. MSB will have great room for growth, as it did from its merger with the Mekong Development Bank (MDB) in 2015. Meanwhile, this will also be an important milestone for PGBank.
In Vietnam, MSB's owners are leading figures in the banking sector. This bank used to hold a 9.98% stake in PGBank, 4.83% in MBBank, and 4.66% in PVcomBank. However, the actual numbers will be much more impressive if they included shares held by individuals and legal entities.
In a little-known deal, MSB owners used to be a silent but formidable force at VPBank at the beginning of the last decade, before giving the game to VPBank's existing ownership team.
The significant ownership ratio of private shareholders at PGBank gives them control of the bank’s fate, and gradually transforms it into a channel for financing their projects. A large number of PGB shares are being mortgaged by this group of shareholders at MSB.
- Read More
Visa introduces Click to Pay in Vietnam for online shopping experience 'transformation'
Visa has introduced Click to Pay with leading banks and payment facilitators in Vietnam - the first market in Southeast Asia to see the solution that aims to transform online shopping experience.
Finance - Tue, June 10, 2025 | 8:48 am GMT+7
Vietnamese banks leverage national data integration to reach customers
Banks in Vietnam are developing fully digital lending services, enabling customers to apply for and receive loans entirely through online platforms.
Banking - Mon, June 9, 2025 | 11:28 pm GMT+7
Vietnam’s garment-textile exports top $17 bln in five months
Vietnam’s garment and textile exports exceeded $17.58 billion in the first five months of 2025, up 9% year-on-year.
Companies - Mon, June 9, 2025 | 11:21 pm GMT+7
Vietnam's coastal hospitality real estate poised for a new wave of growth
As competition intensifies and the tourism sector rapidly evolves post-pandemic, hospitality real estate investors and hotel operators are adopting more innovative approaches to optimize operations and tap into new revenue streams, write Avison Young Vietnam analysts.
Consulting - Mon, June 9, 2025 | 11:01 pm GMT+7
Rules on private placement bond issuance should be tightened: Vietnam Finance Minister
Allowing only companies that have liabilities five times higher than their equity at maximum to issue bonds via private placement is a necessary move to mitigate risks and prevent abuse, said Finance Minister Nguyen Van Thang.
Finance - Mon, June 9, 2025 | 6:19 pm GMT+7
EV maker VinFast commits to purchasing all output for Vietnamese suppliers
Vietnamese electric vehicle maker VinFast has committed to purchasing all products for domestic suppliers that join its production chain.
Companies - Mon, June 9, 2025 | 5:21 pm GMT+7
Phat Dat affirms leadership role in southern Vietnam's property market following successful launch of La Pura project
The official launch of the La Pura project by Phat Dat Real Estate Development Corp on Sunday in the southern province of Binh Duong made a significant impact, with over 95% of the total inventory in the Zenia sub-zone successfully transacted.
Real Estate - Mon, June 9, 2025 | 4:07 pm GMT+7
Vietnam seeks Samsung partnership in AI-integrated chip design for data centers, telecom networks
Minister of Public Security Luong Tam Quang called on South Korean tech giant Samsung to strengthen its partnership with his ministry in developing Vietnam’s security industry.
Investing - Mon, June 9, 2025 | 3:13 pm GMT+7
Vingroup partners with e-commerce platform Shopee to develop logistics infrastructure
Vietnam’s leading multi-sector conglomerate Vingroup and Shopee, the country’s top e-commerce platform, on Friday signed an MoU to develop infrastructure for e-commerce fulfillment services, enhance digital connectivity between businesses and consumers, and build a sustainable digital ecosystem.
Companies - Mon, June 9, 2025 | 11:48 am GMT+7
Finish fund Pyn Elite spends $41.4 mln on MBB shares of MBBank in May
Finish investment fund Pyn Elite allocated an additional 3% of its portfolio (VND700 billion or $41.38 million) to 26 million MBB shares of MBBank last month, increasing the holding to 12.4%.
Finance - Mon, June 9, 2025 | 11:43 am GMT+7
Fund manager Eastspring Vietnam appoints new CEO
Eastspring Vietnam, one of the largest fund managers in the country by assets under management, last Friday appointed Nguyen Quoc Dung as its new CEO and legal representative.
Finance - Mon, June 9, 2025 | 9:03 am GMT+7
US issues preliminary decision on anti-dumping tariffs for Vietnamese shrimp
The US Department of Commerce (DOC) in the early morning of June 7 released preliminary results of its 19th administrative review (POR19) on anti-dumping duties for frozen warmwater shrimp imported from Vietnam.
Companies - Sun, June 8, 2025 | 8:30 pm GMT+7
U.S. Grains Council signs 5-year cooperation deal with Vietnam
The U.S. Grains Council (USGC) on Friday signed a five-year cooperation agreement with the Partnership for Sustainable Agriculture in Vietnam (PSAV), reaffirming its long-term commitment to Vietnam’s agricultural development.
Economy - Sun, June 8, 2025 | 5:13 pm GMT+7
Bamboo Capital announces senior personnel changes
Under a board of directors resolution effective last Friday, Vietnam's multi-sector conglomerate Bamboo Capital Group has a new deputy general director, while its first vice chairman Pham Minh Tuan resigned to focus on subsidiary Bamboo Energy.
Companies - Sun, June 8, 2025 | 4:05 pm GMT+7
Vietnam signs deals to import nearly $3 bln worth of US agricultural products
Vietnamese businesses accompanying Minister of Agriculture and Environment Do Duc Duy on a six-day visit to the U.S. signed multiple agreements to import nearly $3 billion worth of American agricultural products, expanding bilateral cooperation in the agricultural sector.
Economy - Sun, June 8, 2025 | 10:33 am GMT+7
EPC contract signed for O Mon IV thermal power project in southern Vietnam
An EPC contract signing ceremony for the O Mon IV thermal power project in Can Tho city took place on Friday, at the headquarters of state-owned Petrovietnam - the investor.
Energy - Sun, June 8, 2025 | 8:00 am GMT+7
- Consulting
-
Rethinking resilience: How typhoon Yagi redefines supply chain strategies in northern Vietnam
-
Remove roadblocks to lure foreign investment into Vietnam: HSBC exec
-
AI can be a game changer for Vietnam tourism
-
In trade and investment, ASEAN and China are better together
-
Investment opportunities in LNG-to-power projects in Vietnam
-
Pepper prices 2024: will the dream of 'black gold' repeat?