CBA announces plan to acquire 20% stake in VIB
Commonwealth Bank of Australia (CBA) last night announced an agreement to acquire a 20% stake in Vietnam International Bank (“VIB”). CBA’s association with VIB started in 2009, when the two companies engaged in a Technical Assistance Program.
The company said upon completion of the transaction, it expects to hold two seats on an expanded VIB Board of Directors.
CBA said completion of the transaction remains subject to regulatory requirements and approvals.
Head of International Financial Services at Commonwealth Bank, Simon Blair, said Vietnam remains well positioned for long-term growth and the company wants to participate in and support that growth.
“Australia is home to the second largest Vietnamese population outside Vietnam and the Commonwealth Bank’s market share of Australian residents „born in Vietnam is close to 50%,” Mr Blair said.
“We believe this is a great indication of the trust and respect the Australian Vietnamese community has in our bank and the opportunities it creates for the future.”
VIB was established in 1996, is one of the top eight Joint Stock Banks in Vietnam, employs more than 2,700 staffand operates 117 branches and transaction offices across Vietnam.
AS at 1148 AEST, CBA shares were down 74c to $58.79.
Leave a Reply