ANZ not backing out of retail and wealth businesses in Vietnam

By    November 1, 2016 | 12:31 am PT
The Australian bank appears to see a future in Vietnam, despite withdrawing from some major regional markets.

ANZ is not selling its retail and wealth-management businesses in Vietnam, according to the bank’s branch in Hanoi.

In a move to shift its focus in the Asian region to institutional banking, ANZ has sold its wealth and retail operations in Singapore, Hong Kong, mainland China, Taiwan and Indonesia for around $80 million to Singapore’s DBS Group Holdings Ltd, Thomson Reuters reported on Monday.

The news has raised questions regarding ANZ’s operations in Vietnam, and whether or not the Australian bank is looking to offload its retail assets in the Southeast Asian country as well.

Thomson Reuters cited chief executive Shayne Elliott as saying that the bank might review options for its similar assets in the Philippines and Vietnam.

Clarifying the above remark, an ANZ representative said there are currently no plans to sell its retail and wealth businesses in Vietnam.

“ANZ’s retail and wealth businesses in Vietnam are not part of this transaction and there is no impact to our retail and institutional customers in Vietnam,” ANZ Communications Officer Nguyen Huyen My told VnExpress International in an e-mail on Tuesday.

She also added that ANZ Vietnam will continue to examine ways to improve its retail and wealth operations.

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