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...
To continue reading, please login or register for free