Public Bank to open six new branches in Vietnam

KUALA LUMPUR: Public Bank Vietnam Ltd (PBVN), a wholly-owned unit of Public Bank Bhd, plans to open another six branches in Vietnam this year, expanding its footprint to 19.

Public Bank group managing director/chief executive officer, Tan Sri Tay Ah Lek, said PBVN increased the number of its branches to 13 last year, from seven in 2016, since it became a subsidiary in April 2016.

“There has always been an on-going plan to expand the bank’s branch network and customer reach in Vietnam.

“PBVN will continue to adopt our strategy and prudent banking practices to further drive its growth in the retail banking sector,” he said at PBB’s 52nd annual general meeting here on Monday.

Also present was Public Bank founder and chairman, Tan Sri Teh Hong Piow.

Tay said PBVN would continue to face keen market competition and challenges in building its pool of human resources based on the current operating environment.

“It will intensify efforts to attract and train local talents,” he said.

On the impact from Bank Negara Malaysia’s January decision to increase the Overnight Policy Rate by 25 basis points to 3.25%, Tay said, in line with the increase, the bank raised the pricing for all floating-rate loans and new fixed deposit by 25 basis points.

“The time lag on the repricing of existing fixed deposits upon maturity will have some positive impact on the net interest margin,” he said. - Bernama