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RHB Investment Bank gets approval to set up subsidiary in Vietnam

RHB Bank Bhd. unit RHB Investment Bank Bhd. obtained approval from Malaysia's central bank to set up a subsidiary in Vietnam.

Bank Negara Malaysia's approval would allow the companies to establish a Vietnamese subsidiary following RHB Investment Bank's proposed acquisition of the remaining 51% stake in Vietnam Securities Corp. for 121.63 billion dong in cash.

As of Dec. 13, US$1 was equivalent to 23,290 Vietnamese dong.