It is headquartered at 22 Ngo Quyen in Hanoi with assets totalling VND100 trillion (US$4.7 billion) and charter capital of VND9 trillion (US$423 million).
PVcomBank was founded after shareholders of Western Bank and PVFC, also known under its full name PetroVietnam Finance Corporation, approved the merger last month.
The establishment of PVcomBank is part of a plan by the State Bank of Vietnam to restructure the banking system, which has seen the mergers and acquisitions of several banks in the last two years.
Last month, HDBank and DaiABank also agreed to merge to form a new HDBank.
In 2011, Ficombank, Tin Nghia Bank and SCB agreed to merge into a larger bank in order to avoid a liquidity crunch and SHB acquired the struggling Habubank in 2012.
