Sacombank and ANZ form money transfer alliance
Vietnamese banking firm Saigon Thuong Tin Commerical Bank and Australia and New Zealand Banking Group have reportedly signed a remittances deal, which will allow consumers to easily send money to Vietnam from Australia.
According to Reuters, the agreement will allow people to send money through two of and Australia and New Zealand Banking Group's (ANZ) branches in Melbourne for half the ordinary price. The beneficiaries can then be received at home or at any of the Vietnamese bank's 165 points of service. ANZ Bank holds a 10% stake in Saigon Thuong Tin Commerical Bank (Sacombank) and is one of three foreign investors in the group, Reuters revealed. The other two foreign investors are World Bank's International Finance Corporation and British fund manager Dragon Capital.
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