Ho Chi Minh City, March 2017

ANZ has signed an agreement to sell its retail business in Vietnam to Shinhan Bank Vietnam, part of a broader retreat from Asia retail banking.

According to the news, ANZ’s retail business served 125,000 customers in Vietnam and included US$547 million in deposits and US$161 million in lending assets as of September 2016, with 8 branches and 289 employees.

The deal, subject to regulatory approval and expected to be completed by the end of 2017, is the latest step in ANZ’s retreat from the retail banking sector in Asia. After the retreat, ANZ Vietnam will continue to operate with a focus on the institutional client business.

The acquisition will increase the total asset of Shinhan Bank’s Vietnamese operation to US$3 billion, the number of credit card customers to 160,000 and employees to more than 1,300, making it the biggest foreign bank in the country by asset.

The VILAF team advising this deal was led by Partner Vo Ha Duyen and includes Partner Pham Si Hai Quynh, Senior Associate Nguyen Thanh Tung and Senior Associate Nguyen Thi Kim Anh.