Public Bank intends to acquire RHB’s securities broker business in Vietnam for RM72.55 million.
KUALA LUMPUR
Public Bank Bhd intends to acquire RHB Investment Bank (IB) Bhd’s Vietnam-based securities broker business for VND374.00 billion (RM72.55 million) cash.
Public Bank today announced that its Vietnam affiliate, Public Bank Vietnam Ltd (PBVN), has executed a sale and purchase agreement with RHB IB to acquire a 100% shareholding in RHB Securities Vietnam Company Ltd.
According to a filing with Bursa Malaysia Securities Bhd, the acquisition will allow PBVN to extend its service offerings in Vietnam, including securities trading services.
PBVN has been functioning in Vietnam since 1992, and there are currently 40 strategically situated branches throughout the country.
PBVN plans to expand its securities trading business by leveraging its existing client base. The planned acquisition is also expected to boost Public Bank‘s and its subsidiaries’ footprint in Vietnam while also providing synergy to its IndoChina operations, given that the Public Bank group already has a securities trading arm in Cambodia, Campu Securities Plc.
Campu Securities is a completely owned subsidiary of Cambodian Public Bank Plc, which is itself a totally owned subsidiary of Public Bank.
The planned acquisition has been approved by both Bank Negara Malaysia and the State Bank of Vietnam.
The proposed acquisition is expected to be finalised in the second quarter 2024.
