CBA Acquires 15 Pct Stake in VIB Bank

The Commonwealth Bank (CBA) of Australia and the Vietnam International Joint Stock Bank (VIB) have recently announced their strategic partnership agreement in the Vietnamese capital city of Hanoi. Accordingly, CBA) of Australia will take a 15 percent stake in VIB. CBA intends to request an increase in investment to 20 percent at its earliest opportunity, expected prior to December 31, 2011, pending Vietnamese government approval.

As part of the strategic partnership, CBA will transfer banking technology and capacity to the Vietnamese lender to further enhance the operational and commercial capabilities of VIB. The two sides will also engage in an ongoing working partnership to investigate other business opportunities.

 

CBA is a leading retail lender in Australia, is one of 20 safest banks in the world and is one of 14 banks with largest market value globally.