ANZ’s banking counter in Ha Noi — Photo anz.com

The Australia and New Zealand Banking Group (ANZ) on Friday announced that it is selling its retail operations in Viet Nam to South Korea’s Shinhan Bank Viet Nam.

In a press release, the ANZ said that its retail business serves 125,000 customers in Viet Nam and includes A$320million (US$240m) in lending assets and A$800million in deposits. However, the lender did not disclose the value of the deal.

The deal, subject to regulatory approval, is expected to be completed by the end of this year. It will include the transfer of all eight branches located in Ha Noi and HCM City as well as the transfer of the entire retail staff.

“The sale of our retail business is in line with our strategy to simplify the bank and improve capital efficiency. It allows us to focus resources on our largest business in Asia – institutional banking – where we are among the top four corporate banks that support regional trade and capital flows,” said Farhan Faruqui, ANZ group executive, international. “We have a long history in Việt Nam, and we will maintain our presence through our Institutional Bank, which we will continue to support our corporate clients in the Greater Mekong Region.”

ANZ’s Institutional Bank is present in 15 Asian markets, and was ranked among the top four corporate banks in the region for the fifth consecutive year in 2016 by Greenwich Associates.

The sale of ANZ’s retail business in Viet Nam follows the announcement in last October of the sale of its retail and wealth business to DBS in five Asian countries.

Shinhan Bank Viet Nam is an affiliate of the Shinhan Financial Group, a Seoul-based company that is listed on the Korean and New York stock exchanges. The bank has been active in Viet Nam for 24 years and is headquartered in HCM City’s District 1. — VNS