The Commonwealth Bank of Australia (CBA) has concluded the sale of its remaining 4.4% stake in Vietnam International Commercial Joint Stock Bank (VIB).
The deal was carried out via the Ho Chi Minh Stock Exchange and is set for settlement on 7 March 2025.
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CBA anticipates receiving around A$170m ($107m) in gross proceeds from the sale.
It expects the deal to enhance its Common Equity Tier 1 (CET1) ratio by around three basis points.
Established in September 1996, VIB has grown into a joint stock commercial bank in Vietnam.
As of 31 December 2024, VIB’s charter capital stands at VND29,793bn ($1.1m), with total assets approximately VND493,000bn ($19.3bn).
The bank operates with over 12,000 employees across 193 branches and transaction offices in 32 key provinces and cities throughout Vietnam.
Last October, CBA sold around 10% of the shares in VIB through the Ho Chi Minh Stock Exchange.
The total gross proceeds from the deal were estimated to be approximately A$320m.
The transaction was in line with the CBA’s strategy to focus on its banking operations in Australia and New Zealand.
Last month, CBA invested in data change management startup Gable through its venture-scaling arm, x15Ventures.
Seattle-based Gable won the Xccelerate programme, which saw nearly 100 global startups reimagining client and staff experiences using data and AI.
The startup secured a SAFE Note investment and is exploring partnership opportunities with the Australian bank.
