Public Bank to buy BIDV’s stake in Vietnam joint venture

HANOI: The State Bank of Vietnam (SBV) has allowed Malaysia's Public Bank Bhd to acquire all stakes owned by Vietnamese lender BIDV in their $62.6 million joint venture VID Public Bank, the SBV said on Tuesday.
After the stake acquisition, the Malaysian bank would turn the Vietnam-based venture into a 100-percent foreign owned bank in the country, the SBV, the central bank, said in a statement on its website.
The central bank's approval followed an agreement between the two banks last year, under which the Malaysian lender had agreed to buy all of BIDV stake in the 50/50 venture bank, BIDV said in July 2014.