ANZ to sell its stake in Vietnamese company

ANZ to sell its stake in Vietnamese company

Photo courtesy of ANZ Vietnam

Australia and New Zealand Banking Group on Monday said it has agreed to sell its 17.5 percent stake in Vietnam’s Saigon Securities Incorporation (SSI) as the lender focuses on improving returns in Asia.

It did not disclose terms of the sale to SSI chairman and a group of Vietnamese investors but said the transaction was “not material“.

ANZ, which expects to see return on equity of 16 percent by 2016 from 15.5 percent now, had said it may exit smaller stakes as it looks to own 100 percent of the business to improve investor returns.

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