CBA lifts stake in Vietnam associate to 20 per cent

Commonwealth Bank will pay 1.15 trillion dong (US$55 million) for an additional five per cent stake in Vietnam International Commercial Joint-Stock Bank, Bloomberg reports.

CBA will lift its holding in the bank to 20 per cent from 15 per cent.

The bank acquired a 15 per cent stake in VIB in September 2010. Six foreign banks, including CBA, have minority stakes in banks in the country.

Estimates on the unbanked percentage of Vietnam's population vary but it is at least 40 per cent and may be as high as 85 per cent. Per-capita income in Vietnam is around US$1000.