Australia and New Zealand Banking Group (ANZ) has agreed to buy a ten per cent stake in Vietnamese broker Saigon Securities for $88 million.
The deal will see the bank expand its interests in the territory having opened its first branch in the country in 1983 and subsequently acquired a ten per cent stake in Sacombank in 2005 for $27 million.
A statement from the Melbourne-based bank said: "ANZ was one of the first foreign banks to open in Vietnam and regards expansion in the country as one of its highest priorities."
News of the acquisition follows HSBC recently announcing that it is seeking to raise its stake in Vietnamese Technological & Commercial Bank from ten per cent to fifteen per cent.
Meanwhile, BNP Paribas has agreed to acquire a ten per cent stake in Orient Commercial Bank, as foreign banks look to capitalize on an economy which the government anticipates will exceed growth of 7.5 per cent by the end of 2010.
ANZ recently hired former HSBCAsia Pacific chief Michael Smith to oversee its expansion in Asia.