Strategy & Practice Management

ANZ sells Vietnam retail business to Shinhan Bank

ANZ has agreed to sell its retail business in Vietnam to Shinhan Bank, which is part of the Shinhan Financial Group, a South Korean company.

The agreement includes all eight branches located in Hanoi and Ho Chi Minh City, and ongoing roles for all retail staff. 

The retail business serves 125,000 customers in Vietnam, and includes AUD320 million in lending assets and AUD800 million in deposits. 

Subject to regulatory approval, ANZ said it expects the transfer will be complete by the end of 2017.

The sale follows the announcement in October 2016 of the sale of ANZ’s retail and wealth business in five Asian countries to DBS.

ANZ said it will maintaining its presence in Vietnam through its institutional bank.