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.
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.