ANZ approved to sell stake in Sacombank
(13 January 2012 – Australia) Earlier this month, ANZ announced it had received approval to sell its 9.6 percent stake in Vietnam’s Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank).
The stake in Sacombank will be sold to Vietnam Export Import Commercial Joint Stock Bank (Eximbank).
ANZ CEO Asia Pacific Europe and America Alex Thursby said the bank established its relationship with Sacombank in 2005.
"The partnership has created benefits for both parties over the past six years however our ANZ business in Vietnam is now significantly larger following local incorporation in 2008 and the purchase of the Royal Bank of Scotland’s institutional business in Vietnam in 2009."
"Recently, we have also extended our ANZ ATM network, opened a 24/7 call centre and launched internet banking for our Vietnamese customers."
With its ten outlets, it means ANZ now offers a full range of services covering personal banking, small-to-medium sized business as well as corporate and institutional banking in Vietnam.
"Given this, it makes sense to give greater focus to the growth of our ANZ-owned business in Vietnam and to sell our stake in Sacombank," Thursby said.
The sale of ANZ’s 9.6 percent shareholding in Sacombank is expected to be complete by early this month. The transaction is not material to ANZ and the sale terms are confidential.
ANZ CEO Asia Pacific Europe and America Alex Thursby said the bank established its relationship with Sacombank in 2005.
"The partnership has created benefits for both parties over the past six years however our ANZ business in Vietnam is now significantly larger following local incorporation in 2008 and the purchase of the Royal Bank of Scotland’s institutional business in Vietnam in 2009."
"Recently, we have also extended our ANZ ATM network, opened a 24/7 call centre and launched internet banking for our Vietnamese customers."
With its ten outlets, it means ANZ now offers a full range of services covering personal banking, small-to-medium sized business as well as corporate and institutional banking in Vietnam.
"Given this, it makes sense to give greater focus to the growth of our ANZ-owned business in Vietnam and to sell our stake in Sacombank," Thursby said.
The sale of ANZ’s 9.6 percent shareholding in Sacombank is expected to be complete by early this month. The transaction is not material to ANZ and the sale terms are confidential.
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