ANZ Banking Group (ASX:ANZ) has sold its 17.5 per cent stake in Vietnam's Saigon Securities Incorporation.
The bank will divest its interest to Saigon Securities’ Chairman and a group of Vietnamese investors.
The value of the transaction has not been disclosed with ANZ claiming it is not material and the terms of the sale are confidential.
ANZ invested into Saigon Securities in 2007 and says the sale is consistent with its strategy emphasising the growth of ANZ-owned businesses and improving returns in Asia.
The bank has advised it continues to have a strong and growing presence in Vietnam.
ANZ reported a net profit of $3.38 billion in the six months to the end of March 2014.
