Partly private Phuong Tay Bank said it plans to merge into Petrovietnam Finance Corp (PVFC) as part of the Vietnamese central bank's scheme to restructure lenders saddled with mountains of bad debt. The tie-up will turn Phuong Tay Bank and PVFC, state oil and gas group Petrovietnam's finance arm, into a single mid-sized bank with combined equity of 9.16 trillion dong ($438 million), Phuong Tay said in a merger plan sent to shareholders.The Mekong Delta-based Phuong Tay Bank is Vietnam's 29th partly private lender by assets. It is also known as Western Bank.PVFC is 78 percent owned by Petrovietnam and 10 percent owned by Morgan Stanley.The merger, expected to be completed this year, will rescue Phuong Tay Bank from its bad debts, raise PVFC's competitiveness and cut the size of Petrovietnam's stake in PVFC, the plan said.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.3% or $0.07/share to $23.10. In the past year, the shares have traded as low as $12.26 and as high as $24.47. On average, 21374700 shares of MS exchange hands on a given day and today's volume is recorded at 14221331.
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