Deutsche Bank said Monday October 1 it has acquired a 10% stake in Hanoi Building Commercial Stock Bank, or Habubank. As reported in February, Deutsche Bank signed an agreement to buy up to 20% in Habubank, pending administrative and regulatory approval. However, financial terms weren’t disclosed.
Deutsche Bank characterised the shareholding as way to strengthen its presence in Vietnam, and an opportunity to take part in the growth in banking for private clients there.
Habubank has 26 branches and 750 employees.