ANZ seeks to raise its stake in Sacombank
(5 September 2006 – Vietnam) ANZ is reported to be looking to increase its stake in the Vietnamese lender Sacombank which it bought last year.
Last year, ANZ paid US$27 million to buy a 10 percent stake in Sacombank. This is currently the maximum ownership allowed for one investor according to the State Bank of Vietnam regulations. However, this ownership prohibition may be relaxed when Vietnam joins the World Trade Organisation later in the year and ANZ is said to be pushing to increase its holdings in the Ho Chi Minh City based lender.
Vietnam’s economy is forecast to grow steadily in the coming years and there is considerable scope for banks to grow in the economy where only a small fraction of the population currently use banking services.
Earlier this year, Sacombank successfully listed on the Vietnam’s stock exchange, becoming the first listed Vietnamese bank.
Vietnam’s economy is forecast to grow steadily in the coming years and there is considerable scope for banks to grow in the economy where only a small fraction of the population currently use banking services.
Earlier this year, Sacombank successfully listed on the Vietnam’s stock exchange, becoming the first listed Vietnamese bank.
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