Public Bank to buy stake of Vietnam's BIDV JV

HANOI: Malaysia's Public Bank Bhd has agreed to buy from Vietnamese lender BIDV its stake in their $62.6 million Vietnam-based joint venture, BIDV said on Tuesday.

Representatives of both banks signed the deal in Hanoi, BIDV said in a statement. BIDV and Public Bank each hold 50 percent of VID Public Bank, the joint venture they set up in 1992.

The statement did not give a value for the deal. It said Public Bank will seek the approval of the Vietnamese government to operate a bank that would be 100 percent foreign owned.

BIDV is Vietnam's second-largest lender by assets. - Reuters