HSBC Insurance ups its stake in Bao Viet Insurance

HSBC Insurance plans to increase its shareholding in Bao Viet Holdings, Vietnam's largest insurance and financial services group, to 18%.

HSBC Insurance Asia-Pacific announced Thursday that it has signed an agreement to increase its shareholding in Bao Viet Holdings, Vietnam's largest insurance and financial services group, to 18% from 10% at a cost of about $105.3 million.

HSBC acquired a 10% interest in Bao Viet in September 2007 and, according to the original agreement, it had an option to purchase a further 8% of Bao Viet's shares from the Ministry of Finance MoF. The MoF...

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