Photo: Shinhan Bank
Transaction now subject to SBV approval.
Shinhan Bank Vietnam officially announced on April 21 that it will acquire ANZ Vietnam’s Retail Division. The transaction is a major step for Shinhan Bank Vietnam’s development in the country and the rapid growth of Vietnam’s retail banking in the time to come.
The acquisition was conducted based on ANZ’s strategy of focusing resources on its largest business in Asia, institutional banking, where it is a Top 4 corporate bank supporting regional trade and capital flows, even though ANZ Vietnam is one of the most successful foreign banks in Vietnam. Its decision has opened up a new opportunity for Shinhan Bank Vietnam to expand its retail banking in the market.
Shinhan Bank Vietnam has long been a strong partner of South Korean foreign-invested enterprises in Vietnam.
In order to secure sustainable growth, it needs to develop strongly in retail banking along with its stable corporate segment.
By expanding into retail banking while focusing on corporate banking, Shinhan Bank Vietnam can reach a sound balance between its corporate and retail portfolios. The acquisition is expected to positively affect Vietnam’s retail banking sector in particular and the economy in general.
Shinhan Bank Vietnam has in Vietnam since 1993. Establishing a legal entity with 100 per cent foreign capital in 2009, it has grown rapidly for more than 20 years, with 18 branches/transaction offices nationwide. Thanks to this acquisition, ANZ Vietnam’s existing customers will now be served by the high standards of service at Shinhan Bank Vietnam.
The agreement will be effective after approval is obtained from the State Bank of Vietnam. In the meantime, Shinhan Bank Vietnam and ANZ Vietnam have been completing all necessary procedures to conduct the transaction.