In a statement yesterday, RCE Capital said the parties could not enter into definitive agreements for the joint venture due to recent changes in the regulatory and operating environment.
The company had last September entered into a memorandum of understanding with Southern Banks to form a joint venture on a 30:70 basis to apply for licences to establish a finance company in that country.
RCE Capital had then said the collaboration with Southern Bank would allow it to explore opportunities to expand its capabilities in financial services in Viet Nam.
