Australia & New Zealand Banking Group (ANZ) has agreed to divest its 17.5% stake in Vietnam’s Saigon Securities to expand its operations in Asia.

The bank will sell its stake to Saigon Securities’ chairman, Hung Duy Nguyen, and a group of Vietnamese investors.

ANZ said that the transaction is not material to the bank. Financial terms of the transaction have not been disclosed.

According to ANZ, the sale was in line with its strategy to focus on the growth of ANZ-owned businesses in the region and enhance returns in Asia.

In 2007, ANZ paid US $88 million to acquire a 10% stake in Saigon Securities.

Following the sale, ANZ will remain invested in the Vietnamese market, with eight branches currently open across the country.

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