The ANZ Banking Group has pulled out of its minority stake in the Saigon Securities Incorporation to concentrate on its 100% owned businesses across Australia.
The ANZ was one of the first foreign banks to open in Vietnam in 1993 and now has 750 staff and 11 branches. Vietnam is the bank’s key hub for the Greater Mekong region of Cambodia, Laos, Thailand and Myanmar.
The bank wouldn’t disclose the price for the sale of its 17.5% shareholding to the chairman of Saigon Securities Incorporation, Hung Duy Nguyen, and a group of Vietnamese investors.
However, in 2007 the ANZ paid US $88 million for a 10% stake in Saigon Securities.
The sale is consistent with the the ANZ’s regional strategy which emphasises the growth of ANZ-owned businesses and its commitment to improving returns in Asia.
The ANZ wants 25% and 30% of its revenues to come from outside Australia by 2017.