Petro Vietnam Withdraws to Set up Hong Viet Bank

<div align="justify">The Vietnam Oil & Gas Group (PetroVietnam) has decided to not establish Hong Viet Commercial Bank as planned in response to the prime ministers requirement.</div> <div align="justify"> </div> <div align="justify">PetroVietnam Chairman Dinh La Thang said "the move is to respond to the governments guideline to curb inflation and stabilize the economy amidst a lot of difficulties,"</div> <div align="justify"> </div> <div align="justify">Previously, the group had planned to contribute a 20 per cent stake in the Hong Viet Bank. Meanwhile, it still owned 9.5 per cent stake, or VND9.5 billion, in the Global Petroleum Commercial Joint Stock Bank (GP-Bank).</div> <div align="justify"> </div> <div align="justify">The Government Office&rsquos Deputy Chairman Pham Viet Muon said "PetroVietnam is allowed in invest in only one bank. If it still wants to found Hong Viet Bank, it must withdraw capital from GP Bank,"</div> <div align="justify"> </div> <div align="justify">PetroVietnam has chosen to divest stakes in GP Bank to join in Maritime Bank. The specific investment was not revealed. (Labor)</div> <div align="justify"> </div>