By Ying Xian Wong
Public Bank is acquiring RHB’s Vietnam Stockbroking Business for a cash consideration of 374 billion Vietnamese Dong ($15.2 million).
The proposed acquisition of a 100% stake in RHB Securities Vietnam is in line with its growth strategies to expand in Vietnam and may have a positive impact on future earnings, Public Bank said late Monday.
The acquisition will also provide synergy to its Indo-China operations, given that it already operates a securities trading arm, Campu Securities, in Cambodia, Public Bank said.
RHB in a separate statement said that the decision to dispose of its stake in RHB Securities Vietnam Company Ltd. and exit Vietnam’s stockbroking and securities market aligned with its strategic focus on strengthening RHB Investment Bank’s operations in markets where it is more established and has a stronger presence.
RHB is expected to gain approximately MYR29.15 million ($6.1 million) post the disposal.
The deal is expected to be completed in the second quarter of this year.
Write to Ying Xian Wong at [email protected]
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