VIB acquires Australian bank’s HCMC branch
Wednesday, July 5,2017AsemconnectVietnam - Vietnam International Bank (VIB) and Commonwealth Bank of Australia (CBA) announced on July 3 that the State Bank of Vietnam had approved the transfer of business operations of CBA’s HCMC branch to VIB.
other ATMs of other banks across the country. CBA staff and transaction offices and ATMs will be managed and developed by VIB as well.
VIB customers will have access to special services provided by CBA such as accounts for study in Australia and money transfer services.
The two banks will jointly ensure the successful transfer. The deal has helped VIB gain experience from the leading Australian bank, said VIB CEO Han Ngoc Vu.
CBA will retain its representative office in Hanoi which was established in 1994 to serve as a bridge with Government agencies, financial institutions and enterprises in Vietnam.
The two banks have cooperated for many years and CBA owns 20% of VIB. They also signed a three-year deal to enhance cooperation in the coming time.
Previously, Shinhan Bank Vietnam defeated VIB to acquire the retail business of the Australia and New Zealand Banking
Group Limited (ANZ) in Vietnam. The branches and transaction offices in Hanoi and HCMC and all retail staff of ANZ will be transferred to Shinhan by the end of this year.
Source: thesaigontimes.vn
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