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RHB Investment Bank extends closing date for Vietnam Securities acquisition

RHB Bank Bhd. said unit RHB Investment Bank Bhd. has agreed to extend the completion date for its acquisition of the remaining 51% stake in Vietnam Securities Corp.

RHB Investment Bank, Chu Thi Phuong Dung, Truong Lan Anh and Viet Quoc Insurance Broker Joint Stock Co. mutually agreed to extend the closing date to Feb. 28, 2019. The deal is expected to be completed in the first quarter of 2019.

The bank had earlier received approval from the State Securities Commission of Vietnam to acquire the shares, subject to the completion of the acquisition within 90 days. It also received approval from Malaysia's central bank to set up a subsidiary in Vietnam.