HDBank spends over VND 8.5 trillion to acquire 90% of HD Securities ahead of 2026 IPO

Overview

HDBank (HoSE: HDB) has raised its stake in HD Securities (HDS) to 90% after spending over VND 8,538 billion, gaining full control of the securities company ahead of its planned IPO in 2026. The acquisition was executed through a combination of share purchases and participation in HDS’s recent rights issue and stock dividend, which increased HDS’s charter capital to nearly VND 11 trillion.

Key Facts

• HDBank increased its ownership in HDS from 30% to 75.74% on April 29, 2025, and later to 90% after the latest capital increase.
• HDS completed a rights issue of 877 million shares at a 1:6 ratio and issued 73.1 million shares as stock dividends at a 1:2 ratio.
• HDS’s charter capital rose from VND 1,461 billion to nearly VND 10,961 billion, with net proceeds of VND 8,769 billion from the rights issue.
• HDBank now holds 986 million HDS shares, representing 90% of charter capital, making it the sole institutional shareholder.
• The total cost for HDBank to acquire the additional 853.8 million HDS shares is estimated at VND 8,538 billion (approximately USD 341.5 million).
• HDS plans to IPO 164.4 million shares at a price not below book value, expected between Q2 and Q4 2026.
• Mr. Vu Huu Dien, former Chairman and CEO of VPBank Securities (VPX), was elected Chairman of HDS for the 2025-2030 term.

What Happened

HDBank has consolidated its control over HD Securities (HDS) by raising its stake to 90% following a series of capital-increasing transactions. The bank initially acquired 66.9 million HDS shares on April 29, 2025, lifting its ownership from 30% to 75.74%. Subsequently, HDS completed a rights issue and stock dividend that expanded its charter capital from VND 1,461 billion to nearly VND 10,961 billion. HDBank subscribed to its portion, spending an estimated VND 8,538 billion to acquire roughly 853.8 million additional shares.

As a result, HDBank now holds 986 million shares, or 90% of HDS’s charter capital, with the remaining 10% distributed among 52 other shareholders. The move positions HDBank as the dominant shareholder ahead of HDS’s planned IPO, which is scheduled for 2026. The company intends to offer 164.4 million shares at a price not lower than book value. Additionally, HDS has appointed Mr. Vu Huu Dien, a seasoned securities executive, as Chairman to lead the expansion and IPO preparation.

Market Context

HDB shares closed at VND 26,000 on April 15, 2026, up 1.15% with volume of 10.7 million shares, reflecting steady investor interest. The banking sector on HOSE has been supported by robust credit growth and improving asset quality. HDBank’s aggressive expansion into securities aligns with a trend among Vietnamese banks to diversify into capital market services, leveraging their customer base and distribution networks. HDS, now with a charter capital of nearly VND 11 trillion, becomes one of the larger securities firms in Vietnam, competing with established players like SSI and VNDirect.

Strategic Significance

HDBank’s full control of HDS allows it to integrate securities services into its banking platform, potentially offering clients a seamless suite of financial products. The timing ahead of HDS’s IPO suggests HDBank aims to realize value from its investment by listing HDS at a favorable valuation, similar to other bank-owned securities companies. The appointment of Mr. Vu Huu Dien, who previously led VPX through its IPO, underscores the strategic focus on a successful public offering. This move also diversifies HDBank’s revenue streams beyond traditional lending, tapping into Vietnam’s growing retail investment and capital markets.

What to Watch

• HDS’s IPO timeline and pricing: Any delays or pricing below book value could signal weaker demand.
• HDS’s financial performance in 2025-2026: Pre-IPO profitability will be key to valuation.
• Regulatory approval for the IPO and any changes in securities market regulations.
• HDBank’s integration strategy: How it leverages HDS to cross-sell products and capture market share.
• Competitor responses: Other bank-owned securities firms may accelerate their own expansion plans.