Malaysia’s RHB Bank Bhd has secured the approval of the State Securities Commission of Vietnam (Vietnam SSC) for its proposed acquisition of the remaining 51 per cent stake in Vietnam Securities Corporation (VNSEC) for VND121.63 million ($5.37 million) in cash.
In a filing to Bursa Malaysia on Monday, RHB said the approval was granted on October 18 via a letter from Vietnam SSC dated October 17. The proposed acquisition must be completed in 90 days from the date of approval.
This February, RHB Bank had entered into a conditional share purchase agreement with Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Company for the acquisition of the 51 per cent equity interest in VNSEC it doesn’t already own.
Post-acquisition, VSEC will become a wholly-owned subsidiary of RHB Investment Bank, which currently holds a 49 per cent stake in VSEC. VSEC was established in December 2006 and commenced operations in March 2007.
RHB Bank was granted a license to open its representative office in Ho Chi Minh City in 2008.
The banking group is the fourth largest fully-integrated financial services group in Malaysia, with seven core businesses: group retail banking, group business and transaction banking, group wholesale banking, RHB Singapore, group Shariah business, group international business and group insurance.
RHB Bank’s regional presence span across ten markets including Malaysia, Singapore, Indonesia, Thailand, Brunei, Cambodia, Hong Kong, China, Vietnam, Laos and Myanmar.
According to a report on Dealstreetasia
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