(7 June 2006 – Vietnam) ANZ has signed a memorandum of understanding with Vietnam’s Sacombank to set up a credit card joint venture.ANZ has a 10 percent stake in Sacombank, which is Vietnam’s largest private bank with a network of 109 branches.
ANZ will have a 40 percent stake in the credit card joint venture with Sacombank having the remaining 60 percent.
ANZ managing director of International Partnerships Owen Wilson said Vietnam’s economy was growing rapidly and the development of the financial system indicated there was considerable potential for credit cards in the medium term.
“This is a unique partnership for Vietnam that combines ANZ’s established strength in credit cards with Sacombank’s local expertise and customer base to establish a specialist Vietnamese credit card business,” Wilson said.
He said the credit card market in Vietnam was currently small with just 100,000 in circulation in a country with a population of 84 million, but that the joint venture would play a leading role in developing the market.
ANZ has similar credit card partnerships in Indonesia and the Philippines.
The JV in Vietnam is subject to regulatory approvals.