Australian lender CBA completes sale of of remaining VIB stake
Australian lender CBA completes sale of of remaining VIB stake
The Commonwealth Bank of Australia (CBA) has announced that it has completed the sale of its remaining 4.4 per cent shareholding in Vietnam International Commercial Joint Stock Bank (VIB) via the Ho Chi Minh Stock Exchange.
|
The move marks the Australian lender's full exit from the Vietnamese bank. The transaction was executed on March 5 wit settlement expected to occur on March 7.
Total gross proceeds to be received by CBA from the transaction are approximately AUS$170 million ($107 million).
CBA has been a shareholder in VIB since 2010 and has helped the Vietnamese bank to become one of the top joint stock commercial banks in the country. The transaction is consistent with the CBA's strategy to focus on its banking businesses in Australia and New Zealand
VIB total assets exceeded VND493 trillion ($19.6 billion) at the end of 2024, marking a 20 per cent increase compared to the beginning of the year. The bank’s outstanding credit balance reached VND325 trillion ($12.9 billion), achieving remarkable growth of nearly 22 per cent, the highest among private joint-stock banks.
VIB's revenue last year hit VND20.6 trillion ($820 million) last year, a 7 per cent decrease on-year. Meanwhile, VIB’s pre-tax profit totalled over VND9 trillion ($358.6 million), reflecting a 16 per cent on-year decline.
- 17:47 05/03/2025
