ANZ has exited another Asian business selling off its Vietnamese retail business to a Korean financial services group.
ANZ has announced it has entered into an agreement to sell its retail business in Vietnam to Shinhan Bank Vietnam.
Shinhan Bank Vietnam is part of the Shinhan Financial Group, a South Korean company listed on the Korean and New York stock exchanges.
The agreement with Shinhan Bank Vietnam includes all eight branches located in Hanoi and Ho Chi Minh City, and ongoing roles for all retail staff.
The Melbourne based bank said it would now focus on Institutional Banking in Vietnam.
Back to Basics
The sale of ANZ’s retail business in Vietnam follows the announcement in October 2016 of the sale of ANZ’s retail and wealth business in five Asian countries to DBS.
The retail business being sold serves 125,000 customers in Vietnam, and includes 320 million Australian dollars in lending assets and 800 million Australian dollars in deposits.
Smooth Transition
The premium to book value for the sale of the retail business in Vietnam is not material to the ANZ Group the bank said.
«This will help ensure a smooth transition for our customers, while presenting a great opportunity for our people to join a retail bank with significant growth plans,» said Farhan Faruqui ANZ Group Executive, International.
Subject to regulatory approval, ANZ expects the transfer of the Vietnam retail business to Shinhan Bank Vietnam will be complete by the end of 2017.
