State Bank of Vietnam allows Public Bank to buy out 50% unit

PETALING JAYA: Vietnam’s central bank, the State Bank of Vietnam (SBV), has allowed Public Bank Bhd’s proposal to purchase the 50% stake the latter had not already own in VID Public Bank (VPB) for US$62.6mil (RM228.35mil), Reuters reported.

Upon completion of the acquisition, VID Public Bank will be Public Bank’s wholly-owned subsidiary, it said citing a statement released by the Vietnamese central bank.