Australia & New Zealand Banking Group Ltd. will sell its stake in Vietnam's Saigon Thuong Tin Commercial Joint-Stock Bank, known as Sacombank, as it seeks to develop its ANZ-branded business in the country.
ANZ, which aims to get as much as 30 percent of its profit from the Asia-Pacific area by 2017, has received approval to sell its 9.6 percent stake to Vietnam Export-Import Commercial Joint Stock Bank, known as Eximbank, the Melbourne-based lender said in an e-mailed statement Thursday. The banks plan to complete the deal this month, ANZ said, without giving other details.
"Our ANZ business in Vietnam is now significantly larger following local incorporation in 2008 and the purchase of the Royal Bank of Scotland's institutional business in Vietnam in 2009," Alex Thursby, ANZ's chief executive officer for Asia Pacific, Europe and America, said in the statement.
Eximbank, the third-largest lender on the Ho Chi Minh City stock exchange by market value, will hold 9.73 percent of Sacombank after the deal, Saigon Dau Tu Tai Chinh newspaper reported earlier today, citing an interview with Sacombank Chief Executive Officer Tran Xuan Huy.