Habubank was the first Vietnamese bank established as a joint stock company, in 1989.
The German bank Deutsche Bank has acquired a 10 percent stake in the Vietnamese bank Hanoi Building Commercial Joint Stock Bank (Habubank).
Deutsche Bank, which did not disclose the purchase price, announced today that the transaction aims to increase its presence in Vietnam and "participate directly in the growing development of private banking activities" in that country.
According to Deutsche Bank, Habubank was the first Vietnamese bank to be established as a joint-stock company, in 1989, with a network of 26 branches, 750 employees and more than 111.000 individual and business customers.
On the other hand, Deutsche Bank said it has completed the purchase of British insurer Abbey Life, formerly a subsidiary of Lloyds TSB bank.
Deutsche Bank announced last July the purchase of Abbey Life, which has offered life and pension insurance since 2000, for 977 million pounds (1.396 billion euros).
On the Frankfurt Stock Exchange, Deutsche Bank shares were down 1,6 percent at 09:10 GMT, to 88,94 euros.
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