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Shinhan Bank buys ANZ’s Vietnam retail business

Dec 19,2017

Korea’s Shinhan Bank said Monday that it has completed the acquisition of Australia & New Zealand (ANZ) Banking Group’s retail business in Vietnam.

The acquisition helps Shinhan Bank increase its assets in Vietnam to $3.3 billion and its number of Vietnamese customers to about 900,000, the bank said.

Financial terms of the acquisition were not disclosed.

In April, ANZ, Australia’s third-largest bank, agreed to sell its retail business in Vietnam to Shinhan Bank as part of its strategy to streamline its businesses in Asia. Yonhap