ANZ withdraws capital from SSI

The Australia and New Zealand Banking Group (ANZ) will completely withdraw capital from the Saigon Securities Incorporation (SSI) after seven year investment, announced SSI on September 29.

ANZ is the company’s largest shareholder with 61 million shares, equivalent to 17.51 percent.

ANZ is said to sell their shares to SSI chairman Nguyen Duy Hung and a group of other domestic investors.

The bank’s withdrawal from SSI is to focus on their development strategy targeting commercial bank sector in Vietnam.

ANZ spent US$88 million on purchase of SSI stocks in September 2007.  With the current price of VND29,200 per share, the share volume held by ANZ has a total value of about US$84.5 million.

Besides the bank, other foreign shareholders of SSI including Daiwa Securities and Dragon Capital have held 10 percent of SSI shares each.

Before the withdrawal, foreign investors possess a maximum of 49 percent of SSI shares.

By Hanh Nhung – Translated by Hai Mien

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