ANZ is facing a dilution of its minority holding of 10 per cent in Sacombank in Vietnam. Credit Suisse is in negotiations to buy a stake of up to 15 per cent in the Vietnamese bank,
Bloomberg reports.
In early 2010, a series of media reports sourced to Sacombank suggested that ANZ was looking to sell its stake in the bank. ANZ paid US$27 million for the stake in 2005.
ANZ has since acquired a wholly owned banking operation in Vietnam through the takeover, in 2009, of the local subsidiary of Royal Bank of Scotland.