Illustrative image (Source: www.businesskorea.co.kr)Seoul (VNA) – The Republic of Korea (RoK)’s ShinhanBank announced on April 21 that its Vietnamese branch has signed a deal toacquire the retail business of ANZ Vietnam in the latest move to secure newgrowth engines in the emerging Asian market.
The acquisition by the Shinhan Bank Vietnam came six weeksafter the Shinhan Bank’s new CEO Wi Sung-ho promised to explore mergers and acquisitionsin Asia.
Meanwhile, ANZ, the third largest bank of Australia,decided to sell its retail business in Vietnam to focus on institutionalbanking in the growing market.
The Shinhan Bank Vietnam, a wholly-owned unit of theShinhan Bank, hoped that the acquisition will help boost its retail banking servicesin the country. However, the deal still needs approval from the State Bank ofVietnam.
The ShinhanBank Vietnam has been growing rapidly for more than 20 years in Vietnam with 18branches and transaction offices across the country.
The Shinhan Bank has stepped up its efforts to expand itsoperations overseas in recent years to generate a new cash cow as it hassuffered low margins and low growth in the nearly saturated RoK market.-VNA
The acquisition by the Shinhan Bank Vietnam came six weeksafter the Shinhan Bank’s new CEO Wi Sung-ho promised to explore mergers and acquisitionsin Asia.
Meanwhile, ANZ, the third largest bank of Australia,decided to sell its retail business in Vietnam to focus on institutionalbanking in the growing market.
The Shinhan Bank Vietnam, a wholly-owned unit of theShinhan Bank, hoped that the acquisition will help boost its retail banking servicesin the country. However, the deal still needs approval from the State Bank ofVietnam.
The ShinhanBank Vietnam has been growing rapidly for more than 20 years in Vietnam with 18branches and transaction offices across the country.
The Shinhan Bank has stepped up its efforts to expand itsoperations overseas in recent years to generate a new cash cow as it hassuffered low margins and low growth in the nearly saturated RoK market.-VNA
VNA
