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Banking & Finance

Shinhan Bank takes over ANZ's retail banking

Released at: 19:03, 18/12/2017

Shinhan Bank takes over ANZ's retail banking

Photo: Shinhan Bank

Transfer successfully completed on December 16-17.

by Thu Hoang

Shinhan Bank Vietnam has announced the completion of its acquisition of the retail banking services of ANZ Vietnam, wrapping up the process over the weekend of December 16 and 17.

The transfer took effect on December 18, at which point ANZ Vietnam’s retail customers became customers of Shinhan Bank Vietnam.

Shinhan Bank will also take over ANZ’s retail banking personnel, two branches and six transaction offices in Ho Chi Minh City and Hanoi, and around 125,000 individual customers.

Following the acquisition, considered the biggest banking deal in 2017, Shinhan Bank has expanded its network to 26 branches and transaction offices and 1,400 employees nationwide.

Announcing the deal last April, Shinhan Bank has made significant efforts in the eight months since to make it happen this year.

“The acquisition is expected to help Shinhan Bank have a better product profile and create a balance between its personal and corporate customer segments,” said Mr. Shin Dong Min, CEO of Shinhan Bank Vietnam.

Taking over ANZ’s retail banking will enable Shinhan Bank to expand its network and professional personnel, saving on time and investment costs. “This is a very good path for Shinhan to expand its card business and reach our goal of entering the Top 3 credit card providers in Vietnam over the next three years”, Mr. Min added.

Shinhan Bank commits to maximizing financial benefits for individual customers from both ANZ and Shinhan.

Existing benefits for ANZ’s customers remain virtually unchanged, depending on the product and service. Some benefits and privileges will be added. All is to ensure that ANZ’s retail customers have an exclusive financial experience when becoming Shinhan’s customers. “To this end, the number of ANZ’s individual customers agreeing to transfer their information to Shinhan Bank is high and met our expectations,” Mr. Min said. 

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