AusBN - Australian and New Zealand banking group ANZ (ASX:ANZ) will continue with the sale of its retail banking operations in Vietnam.
According to local media reports, up to five foreign and local banks were involved in bids for the operations, which first arrived in the Asian nation in 1993.
ANZ’s proposed divestment of its Vietnamese banking operations follow the sales of its wealth and retail businesses in Singapore, Hong Kong, mainland China, Taiwan, and Indonesia in late 2016.
Singapore’s DBS Group Ltd purchased the above operations for an estimated fee of AUS$104 million.
Australia’s fourth largest bank is also looking to depart from all of its remaining Southeast Asian business, including its retail operations in the Philippines, Cambodia, Laos and Vietnam.
ANZ’s removal from its Asian markets represents an opportunity to commence a regional focus on capital markets, the bond markets, cash-flow management, corporate and investment banking.
The decision comes after the Australian government announced reforms to banking policies relating to class-one capital, lending and banking retail activities, such as real estate trading.