The Australia and New Zealand Banking Group Ltd. announced that it would be selling 10 per cent stake in Sacombank.

The bank said that it is currently looking for buyers who are interested in buying its stake in the Vietnamese bank. No names have been finalized as of yet.

The information was revealed by an executive in Sacombank on Tuesday. This will be the first time that a foreign bank will be selling its shares in a domestic lender to someone else, said the executive.

Talking to Dow Jones Newswires, an officer said that ANZ is going ahead with this step since it has opened its own bank in Vietnam. The selling is being done to avoid any kind of conflict.

The board will be meeting tomorrow to further discuss the matter and final decision is expected to come by the end of this week.

Talking about the stake sale, a spokeswoman of ANZ said that it is in line with the bank's strategy to look for different partners from time to time. And since it has a strong organic growth in Vietnam they are continuing to invest within the country.