The Australia and New Zealand Bank (ANZ) has exited another Asian retail business – its sixth in six months – selling off its Vietnamese retail business to a Korean financial services group.
The Melbourne-based announced in statement that it has entered into an agreement to sell its retail business in Vietnam to Shinhan Bank Vietnam.
Shinhan Bank Vietnam is part of the Shinhan Financial Group, a South Korean company listed on the Korean and New York stock exchanges.
Farhan Faruqui, ANZ Group Executive, International, said that the sale of the company’s Vietnam retail business is “in line with our strategy to simplify the bank and focus resources on our largest business in Asia – institutional banking”.
“We have a long history in Vietnam and we will be maintaining our presence through our institutional bank in Vietnam which will continue to support our corporate clients in the Greater Mekong Region,” said Faruqui.
Asian retail closures
The agreement with Shinhan Bank Vietnam includes all eight branches located in Hanoi and Ho Chi Minh City, and will see ongoing roles retained for all retail staff.
The sale of ANZ’s retail business in Vietnam follows the announcement in October 2016 of the sale of ANZ’s retail and wealth business in five Asian countries (Singapore, Hong Kong, China, Taiwan and Indonesia) to DBS.
The retail business being sold serves 125,000 customers in Vietnam. Subject to regulatory approval, ANZ said that it expects the transfer of the Vietnam retail business to Shinhan Bank Vietnam will be complete by the end of 2017.
ANZ’s Institutional Bank has a presence in 15 different markets in Asia and was ranked as a top four corporate bank in the region by Greenwich Associates in 2016, it said.