Business

Aussie bank ups stake in VIB

Vietnam International Bank (VIB) and Commonwealth Bank of Australia (CBA) on Oct. 20 announced CBA had taken an increased stake in VIB as a strategic shareholder.
Vietnam International Bank (VIB) and Commonwealth Bank of Australia(CBA) on Oct. 20 announced CBA had taken an increased stake in VIB as astrategic shareholder.

CBA invested an additional1.15 trillion VND (58 million USD) to strengthen the capital base andcapital adequacy ratio (CAR).

This lifted CBA'sstake from 15 to 20 percent. VIB's shareholders' equity is now more than8.2 trillion VND (390 million USD).

Previously, CBAinvested capital in VIB and also conducted a "capability transfer"programme to help improve business, management, and risk management andstrengthen competitiveness, said Wayne Hoy, general manager ofInternational Financial Service Division of CBA-Sydney.

Hoy said the number of CBA staff working at VIB would be 40 in 2012and gradually rise in following years. The exchange of people betweenVIB and CBA would also accelerate as VIB continues its quest to become abest-practice financial services organisation.

"Both VIB and CBA share the objective of being number one bank forcustomer experience in our respective countries. With CBA's increasedinvestment in VIB, we have expanded our commitment to capabilitytransfer to help the bank implement its business and operation plans andto grow sustainably." said Hoy

Han Ngoc Vu,chairman of VIB's board of directors said that for many years, VIB wasdetermined to lift customer service and finance and risk managementcapabilities to international standards. He said CBA's involvement formore than one year was part of the roadmap.

Recently, Fitch Ratings, one of the world's leading rating agencies,said Vietnamese banks needed to raise capital to increase their capitalreserves and expand operations./.
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