Public Bank Berhad has announced that its Vietnam unit had entered into a sale and purchase agreement with RHB Investment Bank Berhad for the proposed acquisition of RHB Securities Vietnam for a cash consideration of VND374.00
billion (equivalent to RM72.55 million. Upon completion of the Proposed Acquisition, the Target Company will become a whollyowned subsidiary of PBVN.
The Target Company is a single-member limited liability company incorporated in Vietnam under the name of Vietnam Securities Corporation. It assumed its present name of RHBSVN on 29 January 2019 after RHBIB became the sole owner of the Target Company.
PBVN has been operating in Vietnam since 1992 and currently has 40 branches that are strategically located throughout Vietnam. PBB said the proposed acquisition is in line with its Vietnam business objectives and growth strategies to expand its operational capabilities in Vietnam.
As such, it said the proposed acquisition presents an opportunity for the company to expand its financial services offerings in Vietnam with the inclusion of securities trading services. Upon completion of the proposed acquisition, it intends to leverage on its existing client base to grow the securities trading business.
The proposed acquisition is also expected to further strengthen the presence of PBB and its subsidiaries in Vietnam as well as provide synergy to its Indo-China operations, given that the PBB Group has an existing securities trading arm in Cambodia, namely Campu Securities Plc, which is a wholly-owned subsidiary of Cambodian Public Bank Plc, which in
turn is a wholly-owned subsidiary of PBB.
