Deutsche Bank AG announced that it has completed the purchase of 10% of the issued capital of Hanoi Building Commercial Joint Stock Bank (Habubank). This follows the announcement in February 2007 of an agreement to buy the shares pending administrative and regulatory approvals.
Colin Grassie, Chief Executive Officer of Deutsche Bank Asia-Pacific, said: “This acquisition will allow Deutsche Bank to further build on our strong presence in Vietnam, where we were recently awarded “Best Foreign Investment Bank” by FinanceAsia magazine, and to participate directly in the development of the rapidly expanding retail financial services sector in the country”.
Established in 1989, Habubank was the first joint stock bank in Vietnam and is today a leading bank in the country with a network of 26 branches and some 750 staff providing retail and SME banking services to over 111,000 retail and business clients. Habubank was awarded “Vietnam Bank of the Year 2006” by The Banker magazine.
Peter Schedl, Head of Private & Business Clients, Asia-Pacific, adds: “This transaction represents for us a further step into the fast growing consumer markets of Asia. Private & Business Clients has now invested into three of the fastest growing economies in the region – China, India, and Vietnam. In Habubank we have found an excellent strategic partner and look forward to working closely together in the future”.
For further information, please contact Deutsche Bank Communications:
Michael West, Hong Kong
+852 2203 8403
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
Deutsche Bank has had a presence in Vietnam since 1992 and currently operates a branch office in Ho Chi Minh City and a representative office in Hanoi, with business activities including foreign exchange; money markets; risk-hedging products; bond underwriting and trading; cash management; international trade financing services; project financing and domestic custody services, for leading multinational and local corporate and financial institution clients.
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