ANZ snaps up Laos bank
(12 September 2007 – Australia) ANZ has completed its acquisition of Laos’ Vientiane Commercial Bank Limited (VCB), taking a 60 percent stake for US$9.3 million (A$11.3 million).
The acquisition has gained shareholder and regulator approval. The International Finance Corporation, the private sector arm of the World Bank Group, has also acquired a 10 percent stake in VCB.
To head up an ANZ team based in Laos will be Allan Marlin as managing director of VCB and Kerrod Thomas as head of Business and Personal Financial Services.
Speaking recently, ANZ chief executive John McFarlane said he believed Asia presented the big opportunity for Australian companies.
VCB is the leading privately-owned commercial bank in Laos. VCB was established in 1993, operates in the Laos capital of Vientiane and has total assets at 31 December 2006 of $US54 million (A$66 million).
To head up an ANZ team based in Laos will be Allan Marlin as managing director of VCB and Kerrod Thomas as head of Business and Personal Financial Services.
Speaking recently, ANZ chief executive John McFarlane said he believed Asia presented the big opportunity for Australian companies.
VCB is the leading privately-owned commercial bank in Laos. VCB was established in 1993, operates in the Laos capital of Vientiane and has total assets at 31 December 2006 of $US54 million (A$66 million).
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