|
Aussie bank seeks 20% stake in VIB
Commonwealth Bank of Australia (CBA) will seek approval to increase its stake in Viet Nam International Bank (VIB) to 20 per cent, according to a CBA statement quoted by Dow Jones on september 14.
"Consistent with the strategic partnership agreement signed earlier this year, Commonwealth Bank intends to request an increase in the VIB investment to 20 per cent at the earliest opportunity – the maximum investment allowed by the State Bank of Viet Nam," said the statement.
No financial details of the transaction were disclosed.
VIB yesterday refused to give any comment on the statement but confirmed that all procedures had been finalised to sell a 15-per-cent of stake to CBA under a strategic partnership agreement announced last April.
CBA's acquisition of a 15-per-cent interest added VND600 billion (US$30.8 million) to VIB's charter capital, bringing the total to VND4 trillion ($205.2 million). VIB's assets have also increased by an annual average of 40 per cent over the past five years.
CBA is the exclusive foreign strategic shareholder of the Ha Noi-based bank and was expected to help VIB improve its performance in such critical business areas as retail banking, risk management, human resources, IT, and finance.
Commonwealth Bank has quietly been enlarging its footprint in Asia over the past decade. It is now one of the leading international banks operating in Indonesia, and it also has investments and partnerships in two Chinese banks – Qilu Bank in Jinan and the Bank of Hangzhou.
vietnamnews
|
