"Entering the securities sector will enable us to enrich our product offering for customers, incorporating financial and investment products, whilst introducing new services such as corporate financial consulting and restructuring," the bank revealed in a statement on October 8.

HDBank has allocated roughly VND 800 billion ($33.8 million) for the acquisition of the 30 per cent stake. HDS's audited report for 2022 recorded an after-tax profit of VND 360 billion ($15.2 million) and a Return on Equity of more than 21 per cent.

Moreover, HDS is strategising to raise capital to enhance its financial strength and expand operations. The board approved a plan to offer shares to existing shareholders on October 3.

"The company plans to release 67.5 million shares at VND15,000 per share, equating to approximately $42 million. This capital mobilisation is slated to commence from the last quarter of this year to the first quarter of 2024, after which the charter capital is anticipated to hit around VND 1.7 trillion ($71.7 million)," read a statement from HDS.

Prior to HDBank's proposed participation, the major shareholders in HDS consisted of Blue Sky Vietnam, Aurora Ocean LLC, Kim Minh Group, and Dynamic & Development Investment.