Shinhan Bank Vietnam acquires ANZ Vietnam’s retail business
The Republic of Korea (RoK)’s Shinhan Bank announced on April 21 that its Vietnamese branch has signed a deal to acquire the retail business of ANZ Vietnam in the latest move to secure new growth engines in the emerging Asian market.
The Shinhan Bank Vietnam, a wholly-owned unit of the Shinhan Bank, hoped that the acquisition will help boost its retail banking services in the country. However, the deal still needs approval from the State Bank of Vietnam.
The Shinhan Bank Vietnam has been growing rapidly for more than 20 years in Vietnam with 18 branches and transaction offices across the country.
The Shinhan Bank has stepped up its efforts to expand its operations overseas in recent years to generate a new cash cow as it has suffered low margins and low growth in the nearly saturated RoK market.