In a filing with Bursa Malaysia, PBB said it had on March 24 received the approval in relation to its acquisition of the remaining 50% equity capital in VID Public Bank (VPB), the 50:50 joint venture bank with Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV).

Effective April 1, VPB will become a 100% wholly-owned subsidiary of PBB. Under the terms of the foreign-owned bank licence, PBVN has been granted a term of operations of 99 years.

“The 100percent foreign-owned bank licence granted to PBB is a significant milestone in VPB’s 24-year banking journey in Vietnam. PBB was one of the first to set-up a joint venture bank in Vietnam in 1992, and VPB has been operating profitably since its incorporation.

“Currently, VPB has seven branches in Vietnam located in Hanoi, Ho Chi Minh, Danang, Binh Duong, Hai Phong, Cho Lon and Dong Nai,” founder and chairman Tan Sri Teh Hong Piow said.

He said the Vietnamese economy had recorded commendable growth, with the GDP growth in 2015 at 6.68%, the highest in recent years. He added that PBB was committed to continuing its support of the efforts and initiatives of the Government of Vietnam in the economic growth and financial development of Vietnam.

“Public Bank Vietnam will continue to focus on retail banking business in order to serve a wider reach and spectrum of customers in Vietnam, especially SMEs lending which is the engine of growth for the country.

“In addition, Public Bank Vietnam will provide a convenient platform for the Malaysian business community to conduct business operations in Vietnam,” Teh said.

He added that the issuance of the 100percent foreign-owned bank licence to PBVN would strengthen PBB’s regional presence in Indo-China.