Tuesday, October 02, 2007

Deutsche Bank buys 10 per cent of Vietnam's Habubank

Frankfurt - Deutsche Bank said Monday in Frankfurt it had acquired 10 per cent of Vietnamese bank Habubank, only half as much as it had said that it would take over earlier this year.

Deutsche, Germany's biggest bank, did not disclose how much it paid for the stake.
Hanoi Building Commercial Joint Stock Bank (Habubank) has 26 branches and a workforce of 750. The investment was announced in February, when Deutsche Bank said it would obtain "up to 20 per cent of Habubank" under an agreement already signed that would still require regulatory approval.

A Deutsche spokesman said the stake would remain at 10 per cent for the time being and there were no current plans to expand the holding. He declined to say why the stake had been whittled back.
Habubank was founded in 1989 and was the first bank in Vietnam to take the form of a joint-stock company.