HDBank raises stake in HD Securities to 90%, making HDS a subsidiary

Overview

HDBank (HDB) has completed the acquisition of an additional stake in HD Securities (HDS), raising its ownership to 90% and making HDS a consolidated subsidiary. HDS also finalized a stock dividend and a rights offering, increasing its charter capital to nearly VND 10,961 billion. The moves position HDS for an initial public offering (IPO) of 164.4 million shares planned for the second half of 2026.

Key Facts

• HDBank increased its stake in HD Securities from 75.74% to 90%, equivalent to 986.4 million shares.
• HDS will be consolidated into HDBank’s financial statements starting Q2/2026.
• HDS completed a 2:1 stock dividend, distributing over 73 million shares from retained earnings of VND 1,004 billion (FY2024 audited).
• HDS also completed a rights offering of nearly 877 million shares at VND 10,000 per share, raising VND 8,768.5 billion.
• Post-offerings, HDS charter capital rose from VND 1,461 billion to approximately VND 10,961 billion.
• HDS plans an IPO of 164.4 million shares at a price not lower than book value, expected in Q2-Q4/2026.
• The capital increase was approved by HDS shareholders in November 2025.

What Happened

HDBank (Ho Chi Minh City Development Joint Stock Commercial Bank) has completed the process of increasing its ownership in HD Securities (HDS) from 75.74% to 90%, corresponding to 986.4 million shares. According to a filing by HDS, the transaction was finalized, and HDS will now be treated as a subsidiary of HDBank, with its financial results consolidated into HDBank’s reports from the second quarter of 2026. The move follows a resolution passed by HDBank’s board on April 28, 2026, authorizing the stake increase.

Separately, HDS completed two capital-raising activities. On April 27, 2026, the company distributed over 73 million shares as a stock dividend at a 2:1 ratio, using VND 1,004 billion from audited retained earnings for FY2024. Subsequently, from April 28 to May 4, 2026, HDS successfully offered nearly 877 million shares to existing shareholders at VND 10,000 per share, raising VND 8,768.5 billion. The newly issued shares are not subject to transfer restrictions. These actions increased HDS’s charter capital from VND 1,461 billion to nearly VND 10,961 billion, preparing the company for an IPO of 164.4 million shares at a price not below book value, slated for Q2-Q4/2026.

Market Context

HDB shares closed at VND 26,400 on May 25, 2026, up 2.13% with volume of 12.1 million shares on HOSE. The banking sector has seen consolidation trends as lenders seek to diversify income through securities subsidiaries. HDS’s capital increase and upcoming IPO align with a broader push by Vietnamese securities firms to strengthen capital bases amid rising market activity. HDBank’s move to consolidate HDS enhances its non-interest income exposure and cross-selling opportunities.

Strategic Significance

By raising its stake to 90%, HDBank gains full operational control over HDS, allowing for tighter integration of banking and securities services. The capital injection of nearly VND 8.8 trillion from the rights offering provides HDS with substantial resources to expand its brokerage, underwriting, and margin lending businesses. The planned IPO will further strengthen HDS’s capital position and potentially unlock value for HDBank shareholders. This strategy mirrors trends among Vietnamese banks to build captive securities arms, capturing fee income and supporting corporate client needs.

What to Watch

• HDBank’s Q2/2026 consolidated financial statements, expected in July 2026, to reflect HDS’s full contribution.
• HDS’s IPO timeline and pricing, with details on book building and listing venue.
• HDS’s market share in brokerage and underwriting post-capital increase.
• Regulatory approval for HDS’s IPO and any changes in foreign ownership limits.
• HDBank’s future capital allocation and dividend policy following the consolidation.