ABBank licensed to sell 15% stake to Maybank

An Binh Commercial Joint Stock Bank (ABBank) recently obtained the State Bank of Vietnam’s approval to sell the maximum 15% stake to Malayan Banking Berhad (Maybank) through signing two main contracts.

The first contract regards that Maybank would buy 15% stake of ABBank for the first phase and acquire another 5% as the prime minister approves by 2009. Under it, the foreign bank will send representatives to join ABBank’s corporate administration and supervision.

The second one relates to technical supports, in which Maybank pledged to help ABBank in upgrading specifications and techniques. The two signatories will build a business and development plan, customer management system, network expansion and ATM connection.

In addition, Maybank also committed to support ABBank in managing operation and market risks, share experience and build up human resource strategies, providing information technology solutions.

 

Category: Finance