HSBC increases its investment in Vietnam

The global bank signs an agreement to double its stake in Vietnam's Techcombank.

The Hongkong and Shanghai Banking Corporation HSBC plans to pay $71.5 million to double its stake in Vietnam Technological and Commercial Joint-Stock Bank Techcombank to 20%, as soon as regulations in Vietnam allow.

HSBC originally purchased a 10% interest in Techcombank in December 2005, at the time the largest stake a foreign institution could hold in a Vietnamese bank. It now plans to up its stake, though bank officials are cautious to say this all hangs on regulatory changes. In...

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