By Rebecca Thurlow
September 14, 2010
SYDNEY -(Dow Jones)- Commonwealth Bank of Australia (CBA.AU) said Tuesday it will apply to increase its stake in Vietnam International Bank to 20% after completing arrangements for a strategic partnership with the lender.
CBA said that after regulatory approvals were confirmed in Vietnam, it has taken a 15% stake in VIB, becoming its exclusive foreign strategic shareholder, under a deal announced in April.
"Consistent with the Strategic Partnership Agreement signed earlier this year, Commonwealth Bank intends to request an increase in the VIB investment to 20% at the earliest opportunity--the maximum investment allowed by the State Bank of Vietnam," CBA said in a statement.
CBA didn't disclose the financial details of the transaction, saying the amount concerned is below the materiality threshold for the company.
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