Bank licensed as fully foriegn-owned by SBV, effective April 1.
Public Bank Berhad (PBB) has received a license from the State Bank of Vietnam to open a fully foreign-owned bank in Vietnam with charter capital of VND 3 trillion ($134.52 million) and a term of 99 years.
PBB has been present in Vietnam since 1991 as a joint venture caled VID, with an equity ratio of 50:50 between PBB and BIDV. It officially began operations in May 1992. In 2014 BIDV signed an agreement to transfer all of its equity in the joint venture to PBB, after 22 years of cooperation.
The new bank will be called Public Bank Vietnam and be a single-member limited company.
The approval was contained in License No. 38/GP-NHNN issued on March 24 and taking effect on April 1.
VID is responsible for transferring all legal assets, rights, and obligations to the new bank.
This is sixth fully foreign-owned bank operation in Vietnam.