HDB – What does the merger with PGBank entail? – Update

• HDB’s merger with PGBank will be beneficial long-term but is EPS dilutive in the near-term, potentially weighing on HDB’s share price
• The merger will allow HDB to rapidly expand its network.
• HDB will be able to benefit from PGBank’s close relationship with Petrolimex…… by tapping into Petrolimex’s vast network of 2,500 retail points and 4,000 agencies and 20m-strong customer base, post-merger.

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