HDBank Raises Stake in HD Securities to 90%, Plans 2026 IPO

Overview

HDBank (HDB) has completed a transaction to increase its ownership in HD Securities (HDS) to 90%, making HDS a subsidiary. HDS plans an IPO in 2026 with ambitious revenue and profit targets, aiming to raise capital and list on the stock exchange. This move strengthens HDBank’s presence in the securities sector and consolidates HDS’s financial results into HDBank’s reports.

Key Facts

• HDBank raised its stake in HD Securities (HDS) to 90%, making HDS a subsidiary.
• HDS completed a rights offering and stock dividend issuance, raising charter capital to nearly VND 11,000 billion.
• HDBank contributed over VND 9,860 billion for its 90% stake.
• HDS plans an IPO in 2026, offering 164.4 million shares at a price not below book value.
• Post-IPO, HDS’s charter capital is expected to exceed VND 12,600 billion.
• HDS targets 2026 revenue of VND 4,747 billion and pre-tax profit of VND 3,375 billion, up 2.2x and 2.6x from 2025 respectively.
• In Q1 2026, HDS reported after-tax profit of nearly VND 284 billion, up 3.6x year-on-year.

What Happened

HDBank announced it has completed the transaction to increase its ownership in HD Securities (HDS) to 90%, making HDS a subsidiary. HDS’s financial statements will be consolidated into HDBank’s reports starting Q2 2026. Prior to this, HDS had completed a rights offering and stock dividend issuance, raising its charter capital to nearly VND 11,000 billion. HDBank, as the sole institutional shareholder, now holds 90% of HDS, equivalent to over VND 9,860 billion in contributed capital.

HDS plans to conduct an IPO in 2026, offering 164.4 million shares at a price not lower than book value. The IPO is expected to take place between Q2 and Q4 2026. If completed, HDS’s charter capital will exceed VND 12,600 billion. The company has set ambitious 2026 targets: total revenue of VND 4,747 billion and pre-tax profit of VND 3,375 billion, representing 2.2x and 2.6x increases from 2025 levels. In Q1 2026, HDS reported after-tax profit of nearly VND 284 billion, up 3.6x year-on-year, driven by strong gains from financial assets at fair value through profit or loss (FVTPL).

Market Context

HDB shares closed at VND 26,400 on May 25, 2026, up 2.13% with volume of 12.1 million shares. The stock trades on HOSE. The banking sector has been consolidating securities subsidiaries to capture capital market growth. HDS’s IPO plans align with a broader trend of securities companies raising capital to expand operations amid rising retail participation and corporate bond issuance.

Strategic Significance

This move allows HDBank to fully consolidate HDS’s earnings, which are growing rapidly. The IPO will provide HDS with additional capital to scale its brokerage, underwriting, and proprietary trading businesses. For HDBank, the securities subsidiary diversifies income streams beyond traditional lending and positions the group to benefit from Vietnam’s developing capital markets. The ambitious 2026 targets suggest HDS expects continued strong performance, though execution risk remains.

What to Watch

• HDS’s IPO timeline and pricing: any delays or weak demand could signal market headwinds.
• HDS’s Q2 2026 earnings: will the growth trajectory continue?
• HDBank’s consolidated financials post-Q2 2026: impact on HDB’s earnings per share and return on equity.
• Regulatory changes affecting securities firms, such as margin lending limits or capital adequacy requirements.
• HDS’s ability to achieve its 2026 revenue and profit targets, given market volatility.