Public Bank to spend $15 mln on acquiring RHB Securities Vietnam
Public Bank Vietnam, a wholly owned subsidiary of Malaysia’s Public Bank Berhad, will spend VND374 billion ($15.24 million) on acquiring RHB Securities Vietnam.
In a Monday statement, Public Bank Berhad said the acquisition is expected to be completed in the second quarter of 2024, subject to approvals from relevant authorities. Per the proposed deal, Public Bank Vietnam will take over the entire charter capital of RHB Securities Vietnam, representing 100% equity interest in the latter.
This strategic acquisition presents a good opportunity for Public Bank Vietnam to “expand its financial services offering to include securities trading and to participate in the immense growth potential of Vietnam’s capital market,” said Public Bank’s managing director and CEO Tan Sri Dato’ Sri Dr. Tay Ah Lek.
A branch of Public Bank Vietnam in Hanoi. Photo courtesy of Public Bank Vietnam.
The move would facilitate Public Bank Vietnam to leverage on its existing clientele in Vietnam to grow the securities trading business, the executive added.
Public Bank ventured into Vietnam in 1992 by setting up Public Bank Vietnam as a joint venture bank with state-owned BIDV. In 2016, Public Bank obtained a 100% foreign-owned bank license from the State Bank of Vietnam after acquiring the stake from its partner.
RHB Securities Vietnam, formerly Vietnam Securities Corporation (VNSEC), was established in December 2006. In January 2009, RHB Investment Bank, under Malaysia’s RHB Bank, became a strategic partner of VNSEC by purchasing a 49% stake in the latter. In January 2019, RHB Investment Bank acquired the remaining 51% of VNSEC and renamed it RHB Securities Vietnam.
Public Bank Vietnam earned a post-tax profit of VND462.78 billion ($19.72 million) in 2022, up 22% year-on-year, according to its financial statement. The bank’s total operating income rose 14.21% year-on-year to VND1.28 trillion ($54.76 million). The figure included a net interest income of VND1.13 trillion ($48.32 million), up 19.16%. Its outstanding customer loans climbed 19% from 2021 to VND24.48 trillion ($1.04 billion), while deposits increased 9.35% to VND18.41 trillion ($785 million).
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