Expanding its reach in developing
Asian markets, Commonwealth Bank of Australia (CBA) has acquired a
15% stake in Vietnamese bank Vietnam (VIB).
As part of the investment CBA will
implement a long-term capability transfer programme replicating
programmes in place with its partner banks in China.
Go deeper with GlobalData
CBA said in a statement that the
programme will be over five years and include shared business
initiatives which are expected to see VIB emerge as a full service
bancassurance group. CBA through its wholly-owned unit CommInsure
is Australia’s fifth largest life insurer.
Earlier this year, China Bank of Communications, China’s
fifth-largest bank, acquired the 51% stake held by China Life in
China Life CMG, a joint venture with CBA. China Life CMG, was
renamed BoComm-Life.
