Malaysian lender Public Bank has secured the 100% foreign-owned bank licence from the State Bank of Vietnam following purchase of the remaining 50% equity capital in its joint venture bank VID Public Bank (VPB).
VPB, Public Bank’s 50:50 joint venture with Joint Stock Commercial Bank for Investment and Development of Vietnam, will become a wholly-owned subsidiary of Public Bank from 1 April.
Go deeper with GlobalData
The joint venture bank, which will now be rebranded as Public Bank Vietnam (PBVN), has been granted a 99-year term of operation.
Public Bank founder and chairman Tan Sri Dr Teh Hong Piow said that PVBN will continue to focus on retail banking operations to cater to a broader group of customers in the country.
"In addition, Public Bank Vietnam will provide a convenient platform for the Malaysian business community to conduct business operations in Vietnam," he said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
