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HSBC acquires 10% of Vietnams Techcombank
28 December 2005
The Hongkong and Shanghai Banking Corporation Limited will acquire 10 per cent of Vietnam Technological and Commercial Joint Stock Bank (Techcombank) for VND275 billion (US$17.3 million).
Techcombank is Vietnam’s third largest joint stock bank. Headquartered in Hanoi, the bank currently operates through a network of 45 branches in 10 provinces and cities in Vietnam. Techcombank employs nearly 1,000 staff and offers a range of retail and commercial banking services.
HSBC is one of the largest foreign banks in Vietnam with an investment capital totalling US$30 million. The bank has two branches, one in Hanoi and one in Ho Chi Minh City, and a representative office in Cantho, and 190 employees providing a wide range of corporate and personal financial services to a diverse customer base.
Alain Cany, chief executive officer of HSBC in Vietnam, said: “We are optimistic about the prospects for Vietnam which has benefited from continued, strong economic growth over the past few years and measures taken by the government to expand the local banking industry.
“Our investment in Techcombank will give HSBC greater participation in Vietnam’s fast developing financial market and we hope, in return, to offer our international expertise to support the growth of Vietnam’s economy.”
Media enquiries to pressoffice@hsbc.com
Read the full story. (2 page pdf 32k).
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