KUALA LUMPUR: RHB Bank Bhd has obtained approval from the State Securities Commission of Vietnam (Vietnam SSC) for the proposed disposal of the entire equity interest in RHB Securities Vietnam company limited (RHBSVN) to Public Bank Vietnam Ltd.
In a filing with Bursa Malaysia Securities today the company said the proposed disposal must be completed within 6 months from the date of the approval.
"Failing to do so the approval will expire and RHBSVN must follow the reporting and publication rules as required by the applicable regulation," it added.
Public Bank Bhd's unit in Vietnam plans to take over RHB Investment Bank (IB) Bhd's Vietnam-based securities broker business for VND374.00 billion (RM72.55 million) cash.