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Standard Chartered takes stake in Vietnamese bank

Standard Chartered takes stake in Vietnamese bank

(3 June 2005 – Vietnam) Standard Chartered is set to take an 8.56 percent stake in Vietnam’s Asia Commercial Bank (ACB). The deal is set to be signed in June once approved by the central bank. No price was disclosed.

Foreign ownership of Vietnamese banks is currently capped at 30 percent as the country starts to liberalise its banking system and prepare for discussions on joining the World Trade Organisation.

ACB said the involvement and expertise of Standard Chartered would help the Vietnamese bank become more professional and competitive in the region.

ACB is semi private and is Vietnam’s second largest bank after Sacombank.

ANZ, which bought a 10 percent stake in Sacombank last March for A$35 million, was rumoured to be considering taking a stake in ACB, as was HSBC.

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