Shinhan Bank completes acquisition of ANZ’s retail biz in Vietnam
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South Korea’s Shinhan Bank said Monday it has completed the acquisition of Australia & New Zealand (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.
Questions & Answers
Q.What is the new total value of Shinhan Bank's assets in Vietnam after the acquisition?
What is the new total value of Shinhan Bank's assets in Vietnam after the acquisition?
Following the acquisition, Shinhan Bank's assets in Vietnam have increased to US$3.3 billion. This figure represents the combined assets after integrating ANZ's retail business.
Q.How many customers does Shinhan Bank now have in Vietnam?
How many customers does Shinhan Bank now have in Vietnam?
Shinhan Bank now serves approximately 900,000 customers in Vietnam. This number includes the customers gained from ANZ's retail business.
Q.Why did ANZ decide to sell its retail business in Vietnam?
Why did ANZ decide to sell its retail business in Vietnam?
ANZ sold its retail business in Vietnam as part of a broader strategy to streamline its operations across Asia. This move aligns with their goal of optimising their regional business focus.