ANZ has entered an agreement with Shinhan Bank Vietnam to sell its Vietnamese retail business.
In a statement released on the ASX, ANZ group executive of international Farhan Faruqui said the sale of the retail business was part of a move to “simplify the bank and improve capital efficiency”.
“[The sale] allows us to focus our resources on our largest business in Asia – institutional banking – where we are a top four corporate bank supporting regional trade and capital flows,” he said.
ANZ said the retail business being sold serves 125,000 customers and has $320 million in lending assets and $800 million in deposits, but that the premium to book value for the sale “is not material to the ANZ Group”.
“The agreement with Shinhan Bank Vietnam includes all eight branches located in Hanoi and Ho Chi Minh City, and ongoing roles for all retail staff,” Mr Faruqui said.
“This will help ensure a smooth transition for our customers, while presenting a great opportunity for our people to join a retail bank with significant growth plans.”
ANZ expects the transfer of the business will be complete by the end of 2017, pending regulatory approval.
The agreement comes after the bank announced it had entered agreements to sell its retail and wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia in November last year.
The COVID crisis has revealed how central banks have amplified wealth inequality in recent years, according to Schroders, with its head of A...