■ Petrolimex Group Commercial Joint Stock Bank (PG Bank) was formerly Dong Thap Muoi Rural Joint Stock Bank. Dong Thap Muoi Rural JS Bank’s operation permit was issued by the State Bank’s Governor’s License No. 0045/NH – GP dated November 13, 1992. Accordingly, the bank’s initial charter capital was 700,000,000 VND (seven hundreds million Vietnam dong) and its operating district was Dong Thap province.
■ After 10 years of operation, PG bank‘s organizational system has constantly been strengthened, achieving a steady growth rate with a low overdue debit and an annual business result that always brings about high profits to its shareholders. The bank’s charter capital has now reaches 5,000 million VND, which is seven times higher than the initial charter capital.
■ In an effort to restructure its operation, in July 2005, Dong Thap Muoi Bank decided to invite new shareholders to participate, making an increase of the charter capital to 90 billion VND. Among the new shareholders were financially potential and banking-business experienced Vietnam National Petroleum Corporation (Petrolimex) and Sai Gon Security INC (SSI).
■ With the contribution of big shareholders, the bank has made significant progress. In September 2006, the bank increased its capital to 200 billion VND. Its total asset as of December 31st, 2006 was 1,187 billion VND, the outstanding loan was 801 billion VND, the total revenue in 2006 was 69 billion VND and its profit before tax was 17.49 billion VND. The bank, in cooperation with a foreign consultant, was able to create a long-term development strategy. It was also successful in the selection and deployment of the core banking software by IFLEX, one of the most modern banking software presently.
■ In March 2007, Dong Thap Muoi Rural JS Bank was authorized to be transformed into an urban joint stock bank by State Bank Decision No. 125/QD-NHNN dated January 12, 2007 and to change its name to Petrolimex Group Commercial Joint Stock Bank (PG Bank) by Decision No. 368/QD- NHNN dated February 8, 2007. Accordingly, PG bank was licensed to expand its network nation-wide and to perform full banking services including international payment and foreign currency trading.
■ On 17 March 2010, PG Bank’s headquarter officially moved to Hanoi by State Bank Decision No. 3209/QD-NHNN date December 25, 2009. PG Bank's new headquarter located at Office 5, 18T1-18T2 Building, Trung Hoa - Nhan Chinh, Le Van Luong, Nhan Chinh Ward, Thanh Xuan District, Hanoi.
►PG Bank’s Development Objective
PG Bank will become one of the leading commercial joint stock banks in Vietnam. PG Bank will provide high quality banking and financial services, making able by its enthusiastic and professional staff and a state-of-the-art technology establishment.
►PG Bank’s Development Milestones
■ In May 2007, it was decided at PG Bank Annual Shareholder Conference to increase the Bank’s capital to 500 billion VND in 2007 with a plan to increase the capital to at least 1,000 billion VND in 2008 and at least 3,000 billion in the period from 2008 to 2010.
■ In June 2007, PG Bank Hanoi Branch was officially inaugurated.
■ In August 2007, PG Bank increased charter capital to 500 billion VND
■ In December 2008, PG Bank increased charter capital to 1.000 billion VND
■ In November 2008, PG Bank reached the title “2009 A Rating” by the State Bank of Vietnam and begin implementation of international payment.
■ On 29 March 2009, PG Bank was granted the award of Vietnam Excellent Brand 2008 by Promotion Agency (MOIT) and Vietnam Economic Times.
■ In December 2009, PG Bank was awarded “Vietnam Top Trade Services 2009” by Ministry of Industry and Trade (MOIT) to honor the outstanding achievements in financial sector.
■ In April 2010, PG Bank reached the title “Top Trade Services 2009” by MOIT for the second times
■ In December 2010, PG Bank continuously reached the title “Bank grade A” awarded by the State Bank and “Top Trade Services 2010” by MOIT for the third times.
■ Up to now, PG Bank has had 64 branches and transaction offices nationwide. PG Bank reaches total asset value of 22.022 trillion dong and pre-tax profit of 184.8 billion dong by March 31, 2011.