Vietnam Australia Relations

Commonwealth Bank opens representative office

2005: Commonwealth Bank opened a representative office in Ho Chi Minh City, in addition to its long-standing insurance joint venture with a local partner (Bao Minh Insurance).

ANZ outbids other offshore banks for a 10 per cent stake in Vietnam's Sacombank

March 2005: ANZ acquired a 10 per cent stake in Sacombank, reputedly Vietnam's biggest retail banking network. ANZ is currently the largest foreign bank in Vietnam, with branches in Hanoi and Ho Chi Minh City and a total of 24 ATM service locations.

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