ANZ 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.
ANZ Group Executive, International Farhan Faruqui said: “The sale of our retail business is in line with our strategy to simplify the bank and improve capital efficiency. It allows us to focus resources on our largest business in Asia – Institutional Banking – where we are a top four corporate bank supporting regional trade and capital flows.”
The retail business being sold serves 125,000 customers in Vietnam, and includes AUD$320 million in lending assets and AUD$800 million in deposits. The premium to book value for the sale of the retail business in Vietnam is not material to the ANZ Group.
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.
The VILAF team advising ANZ was led by Partner Vo Ha Duyen and includes Partner Pham Si Hai Quynh, Senior Associate Nguyen Thanh Tung and Senior Associate Nguyen Thi Kim Anh