Vietnam: Venture to create first 100% foreign owned bank in the country

By CPI | March 24, 2015

The State Bank of Vietnam has allowed Public Bank to acquire all the stakes owned by Vietnamese lender BIDV in their US$62.6mil joint venture VID Public Bank, the SBV said on Tuesday.

After the acquisition of the stake, Public Bank would turn the Vietnam-based venture into a 100% foreign owned bank in the country, the SBV, which is the central bank said in a statement on its website.