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.