Malayasian lender Public Bank has received the approval from the State Bank of Vietnam (SBV) to acquire all the stakes in VID Public Bank.

Under the deal, Public Bank will buy the stakes owned by Vietnamese lender BIDV in their US$62.6m joint venture.

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The acquisition will turn the Vietnam-based venture bank into Public Bank’s wholly-owned subsidiary, which will be a 100% foreign owned bank in the country.

The two banks have inked an agreement in 2014, under which the Malaysian lender had agreed to buy all of BIDV stake in the 50/50 venture bank.

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