Shinhan Bank completes acquisition of ANZ’s retail biz in Vietnam

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.