International financial services provider Deutsche Bank has entered into an agreement to purchase up to a maximum of a 20% stake in Hanoi Building Commercial Joint Stock Bank, in a bid to expand its presence in Vietnam and to further support its growth in the Asia Pacific region.
Furthermore, the Germany-based bank will enter into a strategic cooperation and knowledge transfer agreement with Hanoi Building Commercial Joint Stock (Habubank). Cooperation will involve joint exploration of potential partnerships in the areas of credit cards, affluent banking and the development and distribution of investment products.
Deutsche Bank believes in the growth potential of Vietnam, commented Rainer Neske, a member of the group executive committee and global head of private and business clients of Deutsche Bank. In a partnership approach with Habubank we will leverage our retail banking expertise to participate in the further development of this market. Deutsche Bank’s investment in Habubank represents another step in further strengthening and expanding our existing retail franchise in Asia Pacific.
At the close of the transaction, Deutsche bank will be the single largest shareholder of Habubank. The deal is subject to administrative and regulatory approval, and financial details remain undisclosed.