Australian lender Commonwealth Bank of Australia announced on Wednesday the sale of its remaining 4.4% stake in Vietnam International Commercial Joint Stock Bank, completing its withdrawal from the Vietnamese lender. CBA, Australia's largest lender, first invested in VIB in 2010, initially owning 19.8% of the bank's shares.

The transaction, disclosed in a statement by CBA, was executed on Wednesday, with the settlement scheduled for Friday. The deal is anticipated to yield A$170 million ($106.7 million) in total gross proceeds. Last year, CBA had already divested 15% of its stake in VIB as a part of its strategy to concentrate on its operations in Australia and New Zealand.

This divestment aligns with a previous Reuters report from June, which anticipated CBA's exit from VIB. VIB, a midsize bank in Vietnam, has a market capitalization of $2.5 billion, with its shares declining by 0.47% to 21,000 dong each at the close of Wednesday's trading.

(Note: The exchange rate provided is $1 = 1.5931 Australian dollars)