Nhan Dan - The Vietnam Oil and Gas Group (PetroVietnam) on July 28 officially announced its cancellation of capital contribution to the establishment of the Hong Viet Joint Stock Commercial Bank (formerly Oil and Gas Commercial Joint Stock Bank).

This means that PetroVietnam will contribute capital to only one operational joint stock bank, the Toan Cau (Global) PetroVietnam Commercial Joint Stock Bank, GP Bank.

PetroVietnam said it has discussed and reached a consensus with other shareholders that contribute capital to establish Hong Viet Commercial Joint Stock Bank to ensure their rights and obligations at the shareholders' meeting of the Hong Viet Commercial Joint Stock Bank on July 24.

The continued efforts to apply for a license for the establishment and operation of the Hong Viet Commercial Joint Stock Bank now depend on the aspiration and decisions of the remaining shareholders, says PetroVietnam.