HSBC increases stake in Vietnam's Techcombank
HSBC will become the first foreign bank in Vietnam to own a 20% holding in a domestic lender.
HSBC is about to make history in Vietnam.
It is about to become the first foreign bank to hold a 20% interest in a domestic Vietnamese bank as it increases its stake in Vietnam Technological and Commercial Joint Stock Bank, better known as Techcombank, to 20% from 14.4% for a total consideration of Vnd1,272 billion $77.1 million.
Techcombank will issue new shares, priced at Vnd60,891.52 per share, to raise HSBCÆs strategic investment to 20%. The transaction is expected...
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