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Companies

Vietnam's HDBank taps into state oil group through acquisition

On heels of IPO, move follows Hanoi's call for bank sector consolidation

HDBank intends to add many new offices around Vietnam after acquiring PG Bank.

HO CHI MINH CITY -- Vietnam's HDBank will acquire a Petrolimex-backed peer, part of the newly listed lender's strategy to expand its reach and secure its position as one of the country's leading retail banks.

The share-swap deal for Petrolimex Group Commercial Joint Stock Bank, approved by shareholders of both lenders Saturday, is expected to be completed by August, a document sent to the shareholders shows.

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