ANZ May Withdraw Capital from Sacombank

The Australia and New Zealand Banking Group (ANZ) is likely to sell part or all of 9.87 per cent stake in Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) within this year.

 

“We are reviewing the strategic partnership with Sacombank to ensure that we can reach strategic targets this year”, said ANZ Vietnam General Director Dam Thuy.

 

However, Thuy said ANZ has yet intended to publicize the future of strategic investment in the Vietnamese partner.

 

ANZ, which has won license to open its wholly foreign-invested bank in Vietnam, paid US$27 million to take 9.87 per cent stake in Sacombank since August 2005 to become the third strategic shareholder, besides Dragon Financial Holdings and International Finance Corporation.

 

Earlier, ANZ has disapproved Sacombank’s plan to issue 158.4 million shares to hike its registered capital by 31 per cent to VND6.7 trillion by the end of this year because of economic difficulties.

 

Sacombank (coded STB), the fifth largest company on the country’s stock exchange with market value of VND8.1 trillion, closed up 4.9 per cent at VND17,200 today [March 24]. (Vietnam Economic Times)