Last updated: 16:50 - February 2, 2007
Habubank sells stake to Deutsche Bank http://www.nhandan.com.vn/english/business/020207/business_habubank.htm
(Nhan Dan) - The Hanoi Building Commercial Joint Stock Bank (Habubank) and Deutsche Bank Aktiengesellschaft have just signed a strategic partnership agreement which specifies Deutsche Bank will buy 10% or up to 20% ownership in Habubank if allowed under applicable law and regulations.
The strategic partnership is in line with Habubank's development strategy for the 2006-2010 period.
Through this strategic partnership, Deutsche Bank commits to share with Habubank technical support and expertise in the areas of treasury and risk management and to explore potential strategic co-operation in the areas of credit cards and investments products.
In signing the partnership agreement, Habubank aims to increase values to its shareholders, to proactively anticipate the global integration of Vietnam's banking industry via approaching best international practices, and to actively contribute to the consolidation of the domestic financial sectors.
2006 has been a wonderful and challenging year for Habubank with 50% to over 100% growth in all business fields. Total asset of the Bank has reached a new height of nearly VND 12,000 billion, chartered capital of VND 1,000 billion and capital surplus of over VND 600 billion. The Bank's before tax profit is VND 248 billion. Habubank was recently named "Vietnam Bank of the year 2006" by the Banker magazine.
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 Euro 1,097 billion in assets and 67,474 employees in 73 countries, Deutsche Bank offers unparalleled financial services throughout the world.
Deutsche Bank has had a presence in Vietnam since 1992 and currently operates a branch office in Ho Chi Minh City, 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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