Pioneer Marketing & Communications

Ha Noi— The Petrolimex Group Commercial Joint Stock Bank (PG Bank) began its nationwide expansion yesterday by opening a branch in Ha Noi

"The event not only marks the appearance of PG Bank in the active banking sector in an important economic area, Ha Noi, but also marks the launch of our development strategy to expand nationwide," said Nguyen Quang Dinh, general director of PG Bank.

Dinh said the move was in response to the rapid expansion of the banking sector in Viet Nam as the country integrates into the world economy. He said the number of new enterprises had also increased rapidly, but that the number of number of individuals using high street banks had only shown a moderate increase. To tap into this market, PG Bank aims to offer a diverse range of services, Dinh said.

PG Bank plans to open four more transaction centres before the end of the year and acquire total assets of VND500 billion (US$31.25 million). It is also planning to make a profit in its first year of operation, the general director said.

PG Bank, formerly the Dong Thap Muoi Rural Bank, was established in Cao Lanh District, Dong Thap Province, in 1993 with a charter capital of VND700 million ($43,750).

The bank currently has a charter capital is VND200 billion ($12.5 million). It is planning to increase that figure to VND1 trillion ($62.5 million) by 2008 and at least VND3 trillion ($187.5 million) by 2010. — VNS

Source : Vietnamnews.vnagency.com,vn

http://vietnamnews.vnagency.com.vn/showarticle.php?num=01BAN270607