KUALA LUMPUR (April 23): Public Bank Bhd will be opening an additional six branches in Vietnam this year, increasing its total number of branches in Vietnam to 19, its managing director Tan Sri Tay Ah Lek said at the group's annual general meeting today.

The group had previously opened six branches in 2017 and seven in 2016.

"There is an ongoing plan to expand our branch and customer networks (in Vietnam)," Tay said.

However, the group also faces keen market competition and challenges in building its human resource pool there, he said.

As such, Public Bank Vietnam would leverage on its long presence in the country, well-recognised brand and understanding of the local business condition and culture.

"We will further intensify efforts to attract and train local talents," Tay said.

Going forward, Tay said the group would continue to focus on growing low-cost deposits by intensifying cross-selling activities and tapping on its internet banking platform.

"Public Bank has been consciously and cautiously balancing between deposit growth and cost of funds, while proactively maintaining a healthy funding position to support business growth and regulatory compliance," he added.

At the midday break, Public Bank added 2 sen to RM24.22 with 516,000 shares done.