Bloomberg News ANZ has received approval to sell its 9.6% stake in Vietnam’s Saigon Thuong Tin Commercial Joint Stock Bank, known as Sacombank, to Vietnam Export Import Commercial Joint Stock Bank, or Eximbank. ANZ established its relationship with Sacombank in 2005, but its self-branded business has grown significantly larger following local incorporation in 2008 and the purchase of the Royal Bank of Scotland’s institutional business in Vietnam in 2009. According to ANZ CEO Asia Pacific Europe and America Alex Thursby, ANZ has recently expanded its automated teller machine (ATM) network, launched internet banking for its Vietnamese customers and opened a 24/7 call center. It now has ten branches, allowing it to offer services covering personal banking, small-to-medium sized business as well as corporate and institutional banking in Vietnam. Deal Journal Australia has more.

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ANZ Agrees Sale Of 9.6% Stake In Vietnam’s Sacombank