April 27, 2024
Finance
Shinhan Bank completes acquisition of ANZ’s retail biz in Vietnam
[THE INVESTOR] Korea’s Shinhan Bank said on Dec. 18 it has completed the acquisition of ANZ Banking Group’s retail business in Vietnam.
The acquisition helps Shinhan Bank increase its assets in Vietnam to US$3.3 billion and its number of Vietnamese customers to about 900,000, the bank said.
Financial terms of the acquisition were not disclosed.
In April, ANZ, Australia’s third-largest bank, agreed to sell its retail business in Vietnam to Shinhan Bank as part of its strategy to streamline its businesses in Asia.
By Alex Lee and newswires (alexlee@heraldcorp.com)
