KUALA LUMPUR: RHB Investment Bank Bhd (RHBIB), a wholly-owned subsidiary of
RHB Bank Bhd (RHB) disposed its entire equity interest in RHB Securities Vietnam Co Ltd (RHBSV) and exited Vietnam’s stockbroking and securities market.
RHB Banking Group group managing director and group chief executive officer Mohd Rashid Mohamad said the decision by RHBIB to divest its equity interest in RHBSV to Public Bank Vietnam Ltd aligns with the banking group’s long-term strategic business direction of focusing resources and efforts on bolstering RHBIB’s operations in other markets.
“We remain committed to ensuring a smooth transition process and will ensure that we continue to deliver service excellence to our clients throughout the transition period,” he said in a statement.
RHBSV is a wholly-owned subsidiary of RHBIB and is licensed under the laws of Vietnam to engage in the business of securities brokerage, securities investment consultancy, securities custodian services and proprietary securities trading.
The corporate exercise is targeted to be completed by the end of the second quarter (Q2) of 2024.
The divestment of equity interest in RHBSV will not affect the issued share capital and substantial shareholders’ shareholdings of RHB Bank.
Alongside the disposal of RHBSV, RHB Bank will close its Vietnam representative office.
“As we embark on this new chapter, we look forward to leveraging our strengths and expertise to pursue other opportunities.
“We remain steadfast in our mission to deliver innovative solutions and superior services that create sustainable value for our clients, employees, and shareholders,” Mohd Rashid said.
