The State Bank of Vietnam has approved a plan to acquire 52% stake in state-controlled PVcombank as part of the ongoing restructuring process at the medium-sized banker. The stake is currently held by national oil giant PetroVietnam and the change of ownership will not cost the central bank money. Established in 2013 from a merger between PetroVietnam Finance Corp and Western Bank, the bank is officially known as Vietnam Public Joint Stock Commercial Bank. Morgan Stanley currently owns a stake of 6.66%. Vietnam has asked state-owned enterprises to pull out of sectors that are not their main business areas. As PetroVietnam planned its divestment from PVcomBank, the central bank emerged as a suitable candidate to take over the shares, local media reported.
