The State Bank of Vietnam (SBV) has allowed Malaysia’s Public Bank Berhad (PBB) to acquire all stakes owned by Vietnamese lender, the Bank for Investment and Development of Vietnam (BIDV), in their joint venture VID Public Bank.

In the recent document No. 1721/NHNN-TTGSNH, the SBV Governor agreed that after the acquisition, PBB will turn the VID Public - the biggest joint venture bank in Vietnam - into a 100-percent foreign owned bank in the country.

VID Public and PBB have been requested to meet all conditions and requirements to make the adjustment.

In the instance PBB cannot meet conditions stated in the document, the SBV will withdraw the establishment license and suspend operations of the VID Public Joint Venture Bank in line with legal regulations.-VNA