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Important update for customers:
1) Why did ANZ sell its Retail business in Vietnam?
This sale enables ANZ to reshape our business and focus our resources in Vietnam on Institutional Banking.
We looked carefully at our Retail and Wealth business in Asia to see how we could continue to build a truly world-class bank for our customers. We carried out a strategic review which found that to make a real difference for our Asia Retail and Wealth customers, ANZ would need to significantly increase its investment in its branch network and digital capability.
As a result, last year we announced the sale of our Retail and Wealth businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS Bank Limited. These transactions are on track to be completed by early 2018. For more information on the deal with DBS, please visit: www.anz.com/anzretailwealthasia.
We are pleased to have found Shinhan for our Vietnam Retail business - a buyer who we believe will be a great fit to support our customers in Vietnam.
2) How did ANZ go about ensuring customers were aware of the transfer and what it means for them?
Since the announcement of the deal with Shinhan in April 2017, ANZ has prioritized an effort to keep Retail customers informed of the transfer process. Customers have received a number of communications in the months preceding the transfer, including:
In addition to this, ANZ developed an online resource, available in both English in Vietnamese, which was kept regularly updated with important information for customers (http://www.anz.com/retailvietnamenglish). ANZ Vietnam's Contact Centre staff were equipped with the latest information for customers making enquiries, and frontline staff working in branches and managing relationships with customers were well informed to ensure customer queries could be addressed quickly.
Transferring customers were also able to access information about Shinhan products and services via http://www.shbvn.com.vn/personal/anz-welcome.
Customers were informed that the transfer was expected to be completed by the end of 2017, and the banks were able to successfully transition in this timeframe, with the transfer completed on Monday 18 December 2017.
3) How closely have ANZ and Shinhan been collaborating to ensure a smooth transition for customers?
Since the announcement of the deal, ANZ Vietnam and Shinhan Bank Vietnam have been working together on a daily basis to execute a detailed plan designed to ensure a smooth transfer for customers. Extensive testing was performed in the lead-up to the transfer to ensure both banks were well prepared for the migration process.
There are always challenges associated with transactions of this scale and complexity involving two large organizations.
Shinhan is working hard and they are in the process of communicating with transferred customers to further explain any steps customers need to take as part of the transition, and are ready to address any specific issues that arise.
4) How does this impact ANZ Vietnam's Institutional banking business?
This sale has no significant impact on our Institutional business and customers. We remain absolutely committed to our Institutional business in Vietnam. Customers who used to rely on retail branches for certain transactions have already been contacted and separate arrangements made.
ANZ Vietnam's remaining offices in Hanoi and HCMC as well as its electronic banking and toll free contact centre (1800 58 58 38) are operating as normal to serve ANZ Vietnam's institutional clients. The following ANZ Service Counters are available to provide banking services to ANZ Vietnam's institutional clients:
Asia, and Vietnam in particular, remains core to ANZ's strategy. By focusing our resources in Asia on Institutional Banking, we can continue building our Institutional business with award winning FX, Trade and Cash Management Platforms supporting large corporate and financial institution clients driven by trade and capital flows.
More information about ANZ Vietnam's Institutional business can be found at https://institutional.anz.com/countries/vietnam/en.