Commonwealth Bank of Australia (CBA) today announces that it has sold approximately 5% of the shares on issue in Vietnam International Commercial Joint Stock Bank (VIB) via the Ho Chi Minh Stock Exchange (the Transaction).
The Transaction was executed on 24 September 2024 and settlement is expected to occur on 26 September 2024.
Total gross proceeds to be received by CBA from the Transaction are approximately A$160 million. The Transaction is expected to deliver a pro forma uplift to the Group's CET1 ratio of approximately 3 basis points on an Australian Prudential Regulation Authority basis, based on the Group's risk weighted assets as of 30 June 2024.
CBA has been a shareholder in VIB since 2010 and has supported the company in becoming one of the leading joint stock commercial banks in Vietnam. CBA believes VIB has further opportunity to grow, and the broadening of its shareholder base will support the bank's future ambitions.
The partial sale of CBA's shareholding in VIB is consistent with the Group's strategy to focus on its banking businesses in Australia and New Zealand.
About VIB
VIB was established in September 1996 and has grown to become one of the leading joint stock commercial banks in Vietnam.
As of 31 December 2023, VIB's charter capital is VND 25,368 billion and total assets is approximately VND 410,000 billion. VIB currently has 12,000 employees at 189 branches and transaction offices in 29 key provinces/cities across Vietnam.
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