|
Commonwealth Bank of Australia divests 10 per cent stake in VIB
Commonwealth Bank of Australia (CBA) announced on October 29 that it has sold approximately 10 per cent of the shares on issue in VIB via the Ho Chi Minh Stock Exchange.
The transaction was executed on October 29 and settlement is expected to occur on October 31.
Total gross proceeds to be received by CBA from the transaction are approximately A$320 million ($210 million). The transaction is expected to deliver a pro forma uplift to the group’s CET1 ratio of approximately 7 basis points.
The transaction is consistent with the group’s strategy to focus on its banking businesses in Australia and New Zealand. Following settlement of the transaction, CBA will retain approximately 5 per cent of the shares on issue in VIB.
Sales of shares in VIB that CBA executed in the lead up to this transaction led to the recognition of a gain of approximately A$50 million ($32.8 million) in Q1 2025. This has been materially offset by losses from this transaction that will be recognised in Q2.
VIB is one of the leading joint stock commercial banks in Vietnam. As of 30 June, VIB's charter capital was VND25.4 trillion ($1 billion) and total assets were approximately VND431 trillion ($17 billion). VIB currently has more than 11,500 employees at 189 branches and transaction offices in 29 key provinces/cities across Vietnam.
vir
|
