stake in Vietnam International Bank (VIB) to 20 percent, according to a
CBA statement quoted by Dow Jones on Sept. 14.
"Consistent
with the strategic partnership agreement signed earlier this year,
Commonwealth Bank intends to request an increase in the VIB investment
to 20 percent at the earliest opportunity – the maximum investment
allowed by the State Bank of Vietnam ," said the statement.
No financial details of the transaction were disclosed.
VIB did to give any comment on the statement but confirmed that all
procedures had been finalised to sell a 15-percent of stake to CBA under
a strategic partnership agreement announced last April.
CBA's acquisition of a 15-percent interest added 600 billion VND (30.8
million USD ) to VIB's charter capital, bringing the total to 4 trillion
VND (205.2 million USD). VIB's assets have also increased by an annual
average of 40 percent over the past five years.
CBA is the
exclusive foreign strategic shareholder of the Hanoi-based bank and was
expected to help VIB improve its performance in such critical business
areas as retail banking, risk management, human resources, IT, and
finance.
Commonwealth Bank has quietly been enlarging its
footprint in Asia over the past decade. It is now one of the leading
international banks operating in Indonesia , and it also has
investments and partnerships in two Chinese banks – Qilu Bank in Jinan
and the Bank of Hangzhou ./.
