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Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) has signed an agreement with Hanoi Building Commercial Joint Stock Bank (“Habubank”) to expand its presence in Vietnam and to further support its overall growth strategy in Asia Pacific. Deutsche Bank will assume up to 20% ownership in Habubank, subject to administrative and regulatory approvals. Financial terms were not disclosed.
Deutsche Bank will also enter into a framework strategic cooperation and knowledge transfer agreement with Habubank. Strategic cooperation will include joint exploration of potential partnership in the areas of credit cards, affluent banking and the development and distribution of investment products. Knowledge transfer will comprise Deutsche Bank sharing with Habubank expertise in the areas of treasury and risk management to help support its commitment to international best practice. Deutsche Bank will become the single largest shareholder of Habubank and also be entitled to representation on its Board of Directors.
Established in 1988 and based in the capital city of Hanoi, Habubank was the first joint stock bank in Vietnam and is today a leading bank in the country with a network of 21 branches and approximately 560 staff providing retail and business banking services to over 75,000 retail and business clients. Habubank was recently awarded “Vietnam Bank of the Year 2006” by The Banker magazine.
Rainer Neske, Member of the Group Executive Committee and Global Head of Private & Business Clients of Deutsche Bank, said: “Deutsche Bank believes in the growth potential of Vietnam. In a partnership approach with Habubank we will leverage our retail banking expertise to participate in the further development of this market. Deutsche Bank's investment in Habubank represents another step in further strengthening and expanding our existing retail franchise in Asia Pacific.”
Colin Grassie, Chief Executive of Deutsche Bank Asia Pacific, said: ”In Habubank we will have a strong and respected strategic partner in Vietnam, which is an important growth market for Deutsche Bank in the Asia Pacific region.”
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