ANZ expands Vietnam business
(29 March 2005 – Vietnam) ANZ has taken a 10 percent stake in Vietnamese private commercial bank, Sacombank for A$35 million.
The stake forms part of an alliance with Sacombank and is another plank in ANZ’s expansion into the Asian markets. ANZ has already struck partnership deals in Cambodia, Indonesia and the Philippines.
The alliance will see ANZ provide the Vietnamese bank with technical assistance aimed at growing Sacombank’s consumer and small business franchise.
ANZ has been operating in Vietnam for more than 10 years and has branches in Ho Chi Minh City and Hanoi.
ANZ group managing director Elmer Funke Kupper said the alliance with Sacombank provided a good platform for the expansion of the bank’s presence in Vietnam.
He said the size of ANZ’s investment could grow when Vietnamese authorities allow greater foreign ownership and involvement in the local banking markets.
Vietnam is in the process of liberalising its banking system in preparation for negotiating membership of the World Trade Organisation.
As part of the agreement with Sacombank, ANZ will be represented on the Vietnamese bank’s board.
The alliance will see ANZ provide the Vietnamese bank with technical assistance aimed at growing Sacombank’s consumer and small business franchise.
ANZ has been operating in Vietnam for more than 10 years and has branches in Ho Chi Minh City and Hanoi.
ANZ group managing director Elmer Funke Kupper said the alliance with Sacombank provided a good platform for the expansion of the bank’s presence in Vietnam.
He said the size of ANZ’s investment could grow when Vietnamese authorities allow greater foreign ownership and involvement in the local banking markets.
Vietnam is in the process of liberalising its banking system in preparation for negotiating membership of the World Trade Organisation.
As part of the agreement with Sacombank, ANZ will be represented on the Vietnamese bank’s board.
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