Public Bank buys Vietnam-based capital market firm for RM72.55mil

KUALA LUMPUR: Public Bank Bhd (PBB) is acquiring the entire charter capital of RHB Securities Vietnam Co Ltd from RHB Bank Bhd for RM72.55mil.

In a filing with Bursa Malaysia, PBB said the proposed acquisition is also expected to further strengthen the bank’s presence and its subsidiaries in Vietnam, as well as provide synergy to its Indo-China operations.

PBB said this is given that the 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.

“Barring any unforeseen circumstances, the proposed acquisition is expected to contribute positively to the future earnings of the PBB group,” it said.