HABUBANK Sells Stakes to Deutsche Bank

Hanoi Building Commercial Joint Stock Bank (Habubank) has signed with Deutsche Bank Aktiengesellschaft a strategic partnership agreement by which Deutsche Bank will buy 10 per cent or up to 20 per cent ownership in Habubank if allowed under applicable law and regulations. The strategic partnership is in line with Habubank's development strategy for the phase 2006-2010. 

 

Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. Deutsche Bank has a strong foothold in Germany and Europe and is continually expanding its business to North America, Asia and key emerging markets. With 1,097 billion euros in assets and 67,474 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world.

 

Deutsche Bank has had a presence in Vietnam since 1992 and currently operates a branch office in Ho Chi Minh City, with business activities including foreign exchange, money markets, risk-hedging products, bond underwriting and trading, cash management, international trade financing services, project financing and domestic custody services.

 

As part of the strategic partnership, Deutsche Bank wants to uphold its retail services and operations in Vietnam. Also, Deutsche Bank commits to share with Habubank technical support and expertise in the areas of treasury and risk management and to explore potential strategic cooperation in the areas of credit cards and investments products.

 

Habubank experienced a wonderful and challenging year of 2006 with 50 per cent to over 100 per cent growth in all business fields. Total asset of the Bank has reached a new height of nearly VND12,000 billion (US$750 million), chartered capital of VND1,000 billion (US$62.5 million) and capital surplus of over VND600 billion (US$37.5 million). The Bank’s before tax profit is VND248 billion (US$15.5 million). Habubank was recently named the “Vietnam Bank of the year 2006” by the Banker Magazine.

Lan Anh