PetroVietnam Securities (PSI) Elects PVcomBank Representative as New Chairman

Overview

PetroVietnam Securities (PSI, HNX) has elected Ngo Ngoc Quang, the representative of 51.17% shareholder PVcomBank, as its new Chairman of the Board, following an extraordinary general meeting on 12 September 2026. The same meeting approved a VND 30 billion private bond issuance and a clearing and settlement service roadmap under the central counterparty (CCP) mechanism. The governance change consolidates control at a securities firm whose H1 2026 pre-tax profit rose 132% year-on-year to VND 51.6 billion.

Key Facts

• Ngo Ngoc Quang was elected to the Board for the remainder of the 2022-2027 term and then appointed Chairman; Nguyen Anh Tuan was removed as a Board member.
• PVcomBank holds 51.17% of PSI’s charter capital; Quang personally holds no PSI shares.
• Quang, born 1979, holds a bachelor’s degree in Finance and Credit and has over 20 years of banking and finance experience, including roles at PVFC and Western Bank; he is also a PVcomBank Board member and Chairman of PVcomBank’s fund management company.
• PSI approved a private placement of 300 bonds, code PSI112601, at VND 100 million par each, for a maximum VND 30 billion.
• The bonds are non-convertible, warrant-free and unsecured, with a 24-month tenor, a fixed 9.5% annual coupon, semi-annual interest payments and an expected issue date of 7 September 2026.
• Proceeds will be used to restructure debt, including a VND 50 billion 88-day loan at Vietcombank’s Dong Anh branch due 18 September 2026.
• H1 2026 revenue reached VND 237 billion, up 3% year-on-year, while total costs fell 3% to VND 185 billion, lifting pre-tax profit to VND 51.6 billion.

What Happened

According to the company’s extraordinary general meeting resolution, PSI removed Nguyen Anh Tuan from the Board and elected Ngo Ngoc Quang to fill the seat for the remaining portion of the 2022-2027 term. The Board subsequently appointed Quang as Chairman. The resolution identifies him as the representative of PVcomBank, the bank that owns 51.17% of PSI’s charter capital, and notes that he holds no PSI shares in his own name.

The meeting also approved a direction to implement securities clearing and settlement services under the central counterparty (CCP) mechanism and to amend the charter provisions concerning the legal representative. Separately, in late August 2026, PSI approved a private bond issuance of 300 bonds at VND 100 million par value each, raising up to VND 30 billion, with proceeds earmarked to restructure the company’s debt.

Market Context

PSI trades on the HNX and closed at 8,100 VND on 14 September 2026. The stock sits in the securities sector, where earnings are sensitive to brokerage volumes, margin lending demand and proprietary trading gains. The 132% jump in H1 2026 pre-tax profit came on only 3% revenue growth, indicating that cost control rather than top-line expansion drove the result. The board change reinforces PVcomBank’s influence over a company in which it already holds a majority stake, a structure that can shape capital allocation and business direction.

Strategic Significance

For long-term investors, the appointment of a chairman who simultaneously sits on PVcomBank’s Board and chairs its fund management arm points to tighter integration between PSI and its majority shareholder. That relationship could support distribution of fund products and access to bank-channel clients, but it also concentrates decision-making around a single shareholder. The CCP clearing initiative, if executed, would broaden PSI’s operational capabilities beyond traditional brokerage. The bond issue, meanwhile, is a small refinancing step aimed at replacing a short-dated bank loan rather than funding expansion.

What to Watch

• Progress on the PSI112601 bond issuance and confirmation of the 7 September 2026 issue date.
• Whether the VND 50 billion Vietcombank loan due 18 September 2026 is repaid or rolled over.
• Implementation timeline for CCP clearing and settlement services and any related licensing approvals.
• Q3 2026 earnings, to test whether the 132% profit growth is sustained or driven by one-off cost cuts.
• Any further changes to PSI’s charter, legal representative or Board composition following the 12 September 2026 meeting.