CBA sells final Vietnam bank stake for $170m
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The news: Commonwealth Bank of Australia has completed the sale of its remaining 4.4% shareholding in Vietnam International Commercial Joint Stock Bank (VIB) for approximately $170 million.
The bank said in a statement to the ASX late on Wednesday that the transaction was executed on 5 March via the Ho Chi Minh Stock Exchange.
Settlement is expected on 7 March 2025.
The sale is expected to deliver a pro forma improvement of 3 basis points to CBA’s common equity tier 1 (CET1) ratio.
The context: CBA invested in VIB almost 15 years ago. It offloaded 15% of its stake in VIB last September and October, aligning with its strategy to prioritise operations in Australia and New Zealand.
As of last June, CBA also had minority stakes in China’s Bank of Hangzhou and Qilu Bank, according to its annual report.
The source: ASX release
