Commonwealth Bank (ASX:CBA) has acquired 15% stake in Vietnam International Bank (VIB), becoming its sole foreign strategic shareholder.
And CBA has announced it intends to increase its holding to 20% at the earliest opportunity. This is the maximum investment allowed by the State Bank of Vietnam.
As part of the acquisition, VIB will appoint two representatives of CBA as new directors.
“The partnership is a good match for both banks as we both have a common focus on customer service excellence,” said Simon Blair, CBA's group executive of International Financial Services.
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