Malaysia's Public Bank Vietnam to take over RHB Securities Vietnam

Wed, 21 Feb 2024 15:03:00  |  Print  |  Email   Share:

Public Bank Vietnam Limited (PBVN), a wholly-owned subsidiary of Malaysia's Public Bank Berhad (PBB), is acquiring an entire stake in RHB Securities Vietnam Company (RHBSVN) for about $15.2 million.

Malaysia's Public Bank Vietnam to take over RHB Securities Vietnam

On February 19, Public Bank Vietnam Ltd entered into a sale and purchase agreement with RHB Investment Bank Berhad, a wholly-owned subsidiary of RHB Bank Berhad, for the proposed acquisition of the entire charter capital of RHB Securities Vietnam Company Limited, representing a 100 per cent equity interest.

Under the sale and purchase agreement, Public Bank Vietnam Ltd will acquire RHB Securities Vietnam for a cash consideration of VND374 billion ($15.2 million), subject to adjustments based on certain terms and conditions of the sale and purchase agreement.

Public Bank’s managing director and CEO Tan Sri Dato’ Sri Dr. Tay Ah Lek said, “We are confident about the prospects of this strategic acquisition as it presents a good opportunity for Public Bank Vietnam Ltd to expand its financial services offering to include securities trading and to participate in the immense growth potential of Vietnam’s capital market.”

He further noted that, “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 licence from the State Bank of Vietnam in 2016. Public Bank Vietnam Ltd has been operating profitably since its incorporation and the business has since expanded significantly."

"Public Bank Vietnam Ltd currently has 40 branches located strategically throughout Vietnam and this acquisition will allow the bank to leverage its existing clientele to grow the securities trading business. As such, this acquisition marks another milestone for Public Bank Berhad to further strengthen our regional presence and be a stronger player in the Indo-China market," he added.

RHB Securities Vietnam is licensed under laws to conduct business in securities brokerage, securities investment consultancy, securities custodian services, and proprietary securities trading.

Barring any unforeseen circumstances and subject to obtaining all the required approvals from relevant authorities, the proposed acquisition is expected to be completed in the second quarter of 2024.

By: Thanh Van/ Vietnam Investment Review

Source: https://vir.com.vn/malaysias-public-bank-vietnam-to-take-over-rhb-securities-vietnam-109029.html

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