On June 21, the State Securities Commission (SSC) issued a licence to change the name of RHB Securities Vietnam Co., Ltd. to Public Bank Securities Vietnam Company Limited (PBSV). On June 4, the SSC approved the transaction to transfer an entire stake in PBSV.

The deal followed a sale and purchase agreement between Public Bank Vietnam Ltd. and RHB Investment Bank Berhad (RHBIB), a wholly-owned subsidiary of RHB Bank Berhad, on February 19. The deal was estimated to be worth $15.2 million.

RHB Securities Vietnam, formerly known as Vietnam Securities Corporation (VNSEC), was established in December 2006. In January 2009, RHBIB officially became a strategic partner of VNSEC. In January 2019, RHBIB acquired the remaining 51 per cent, and RHB Securities Vietnam became its wholly-owned subsidiary.

Public Bank Berhad first ventured into Vietnam in 1992 by setting up Public Bank Vietnam Ltd. as a joint venture bank and subsequently obtained a 100 per cent foreign-owned bank licenae from the State Bank of Vietnam in 2016.

In 2023, Public Bank Vietnam had a charter capital of VND6 trillion ($235.7 million) and 1,121 employees. The bank posted a net interest income of VND1.5 trillion ($58.9 million) last year, while after-tax profit was more than VND436 billion ($17.12 million).

With the development potential of the stock market, banks are increasingly acquiring stakes in securities firms to further enhance their business operations. Accordingly, SeABank plans to purchase shares in ASEAN Securities JSC to make it a subsidiary of SeABank. HDBank also plans to purchase up to 30 per cent in HD Securities JSC (HDS).

By acquiring securities firms, local and foreign banks can expand their operations, diversify their products and services for cross-selling, and develop distribution networks targeting retail customers.