Allens has advised the Commonwealth Bank of Australia (CBA) on its sale of approximately 5% stake in Vietnam International Commercial Joint Stock Bank (VIB), a leading Vietnamese commercial bank listed on the Ho Chi Minh Stock Exchange.
With total gross proceeds of approximately $160 million, the sale forms part of CBA's strategy to focus on its banking businesses in Australia and New Zealand.
Allens advised on all aspects of the transaction, drawing on its extensive experience in Vietnam to advise not only on legal issues but also on strategic matters in the rapidly evolving Vietnamese market.
'We are pleased to have worked with CBA to navigate the Vietnamese market throughout the lifecycle of this investment, with the firm also having advised on CBA's original foreign strategic interest in 2010,' said lead partner Linh Bui.
'CBA is an important client of Allens in Australia and we are pleased to extend our support to CBA on this strategic investment in Vietnam.'
