Australia and New Zealand Banking Group has acquired a 60% stake in Laos-based bank Vientiane Commercial Bank for a total purchase price of $9.3 million.
According to Forbes, the deal follows 15 months of talks with Vientiane Commercial Bank (VCB) and its major shareholders.
Forbes stated that, under the agreement, VCB’s founding shareholders including its current chairman and majority shareholder Sop Sisomphou, will remain as investors. Furthermore, the private unit of the World Bank, International Finance Corporation, is expected to acquire a 10% shareholding in VCB.
VCB is the only privately-owned bank in Laos and holds assets amounting to $54 million, according to The Edge Daily.
Bob Edgar, director at ANZ, cited in Forbes, stated that the acquisition will complement the bank’s operations and partnerships in the neighboring countries, Cambodia and Vietnam.
The transaction is subject to the appropriate regulatory approvals.