CBA increases stake in VIB
(15 September 2010 – Australia) The Commonwealth Bank of Australia has said that it will increase its stake in the Vietnam International Bank (VIB) following the completion of arrangements for a strategic partnership.
The bank said today that it would increase its stake in the lender from 15 percent to 20 percent.
CBA said that under the original deal announced in April and after regulatory approval for its 15 percent stake, the Commonwealth Bank became the sole foreign strategic shareholder.
Consistent with the strategic partnership agreement signed earlier this year, Commonwealth Bank intends to request an increase in the VIB investment to 20 percent at the earliest opportunity, CBA said in a statement.
The 20 percent share is the maximum investment allowed by any one financial institution according to the State Bank of Vietnam’s regulations.
The Australian bank didn't disclose the financial details of the transaction, saying the amount concerned is below the materiality threshold for the company.
CBA said that under the original deal announced in April and after regulatory approval for its 15 percent stake, the Commonwealth Bank became the sole foreign strategic shareholder.
Consistent with the strategic partnership agreement signed earlier this year, Commonwealth Bank intends to request an increase in the VIB investment to 20 percent at the earliest opportunity, CBA said in a statement.
The 20 percent share is the maximum investment allowed by any one financial institution according to the State Bank of Vietnam’s regulations.
The Australian bank didn't disclose the financial details of the transaction, saying the amount concerned is below the materiality threshold for the company.
Subscribe