ANZ Invests US$27 Mln in Vietnam's Sacombank

ANZ Invests US$27 Mln in Vietnam's Sacombank

Australia's ANZ Banking Group Ltd. (ANZ) has said it invested US$27 million for a 10 per cent stake in the Saigon Thuong Tin Commercial Bank (Sacombank) to form a strategic alliance with the Vietnam's largest joint stock commercial bank.

ANZ also advised that as part of the strategic alliance, ANZ will provide technical assistance in the areas of risk management and retail and small business banking, while Sacombank would work with ANZ to leverage its consumer/small business franchise.

ANZ will be the third foreign company to invest in Sacombank after the World Bank's International Finance Corporation (IFC) with 9 per cent and the UK’s Dragon Capital Holding 10 per cent.

• T.V