Malaysia's RHB gets nod for Vietnam brokerage buy

KUALA LUMPUR, Sept 10 (Reuters) - Malaysia's fourth largest lender RHB Capital (RHBC.KL) has won the central bank approval to buy a stake in a Vietnamese brokerage firm, the company said on Wednesday.

RHB Capital, controlled by Malaysia's state pension fund, announced in March it would pay 13.3 million Malaysian ringgit ($3.85 million) for a 49 percent stake in Vietnam Securities Corporation (VSEC).

The acquisition is now subject to the approvals from the Vietnam authorities, it said in a statement to Bursa Malaysia.

Malaysian companies have been keen investors in nearby Vietnam in recent years although Vietnam's deteriorating macroeconomic conditions of late have also led to some short-term hiccups.

Malaysia's largest lender Maybank (MBBM.KL), which in March announced a plan to buy a 15 percent stake in Vietnam's An Binh Bank, said on Tuesday it would pay a lower price of 327.1 million ringgit for the stake, down from the earlier agreed price of 430 million ringgit.

Maybank said the acquisition sum was cut in view of the change in economic environment in Vietnam.

Vietnamese inflation is expected to top 25 percent in 2008, according to government projection.

Consumer prices in the Southeast Asian country of 86.5 million people, jumped 28.3 percent last month from a year ago, mainly due to a spike in food and fuel prices.

Despite the deteriorating macroeconomic backdrop, big players such as HSBC Holdings Plc (HSBA.L) (0005.HK) and Standard Chartered Plc (STAN.L) have stepped up their presence in the fast-growing Asian country.

They announced this week they had won approval to become the first foreign banks to open wholly owned units in Vietnam, as the communist-run state opens up to foreign investment.

Vietnam has been a magnet for foreign investments in recent years, thanks to the large supply of low-cost labor and the communist government's opening-up policy.

(Reporting by Soo Ai Peng; Editing by David Chance)