Commonwealth Bank of Australia has sold a partial stake in a mid-sized lender from Vietnam.
Commonwealth Bank of Australia (CBA) has sold a 10 percent stake in Vietnam International Commercial Joint Stock Bank (VIB), according to a statement. The gross proceeds from the transaction total around A$320 million ($209 million). Following the deal, CBA retains a 5 percent stake in VIB.
«The Transaction is consistent with the Group’s strategy to focus on its banking businesses in Australia and New Zealand,» the statement said.
Established in 1996, VIB is a mid-sized joint stock commercial bank in Vietnam with more than 11,500 employees at 189 branches and transaction offices in 29 key provinces and cities across the Southeast Asian nation.
