Home Cambodia Finance

Malaysia's Public Bank to buy stake of Vietnam's BIDV in joint venture lender

Jul 16th at 15:38
16-07-2014 15:38:12+07:00

Malaysia's Public Bank to buy stake of Vietnam's BIDV in joint venture lender

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

MOST READ

NEWS SAME CATEGORY

Remittances dip on exodus
FINANCE Jul 15th at 11:05

Remittances dip on exodus

Two of Cambodia’s largest financial service providers have reported declines in transactions stemming from key Thai border provinces as thousands of undocumented...

ANZ Royal and sugar firm part ways
FINANCE Jul 7th at 13:11

ANZ Royal and sugar firm part ways

ANZ Royal Bank has severed its ties with ruling party Senator Ly Yong Phat’s controversial sugar plantation, a $220 million development that has been at the centre...

More work needed at the tax dept, JICA says
FINANCE Jul 2nd at 13:35

More work needed at the tax dept, JICA says

The General Tax Department of Cambodia (GTD) needs to improve a number of administration processes to enhance revenue collection and make a greater contribution to...

Acacia chip exports to receive tax break: PM
FINANCE Jul 2nd at 13:34

Acacia chip exports to receive tax break: PM

The tax imposed on the export of acacia chips is to be abolished to help boost exports of the locally grown raw product, Prime Minister Hun Sen announced on Monday.

Thai gov’t insurance firm eyes Cambodia
FINANCE Jul 1st at 14:31

Thai gov’t insurance firm eyes Cambodia

ThaiI government-owned insurance company Dhipaya Insurance has Cambodia in its sights, according to a report in the Nation.

Japanese firm signs agreement with bank
FINANCE Jun 25th at 13:20

Japanese firm signs agreement with bank

Publicly listed Japanese conglomerate Resona Holdings signed an agreement yesterday with Cambodia Public Bank (Campu) aimed at increasing its customer base in the...

South Korean bank buys local MFI
FINANCE Jun 23rd at 14:24

South Korean bank buys local MFI

South Korea-based Woori Bank has purchased Cambodian microfinance institution Malis Finance for $4.9 million.

Banking on technology in capital
FINANCE Jun 19th at 13:25

Banking on technology in capital

The Cambodian finance industry is to celebrate the sixth Banking and Finance Conference a week from today, at a meeting that will focus on developing technology in...

Acleda sets aside $39M for branch expansion
FINANCE Jun 18th at 14:23

Acleda sets aside $39M for branch expansion

Acleda Bank has reinvested $39 million of profits back into its operations instead of paying out dividends to shareholders, an announcement on its website states.

Italy urges EU to scrap Cambodia tax favours
FINANCE Jun 16th at 13:28

Italy urges EU to scrap Cambodia tax favours

Italy wants the European Union to scrap Cambodia’s tax exemption for rice imports, according to leaked excerpts of a dossier prepared by that country’s Ministry of...

Read More

MOST READ

Back To Top