hsbc-and-anz-up-their-stakes-in-vietnam

HSBC and ANZ up their stakes in Vietnam

HSBC increases its stake in Vietnam's Techcombank to 15%, while ANZ buys a 10% stake in Saigon Securities.

By Lara Wozniak

July 09, 2007

Vietnam continues to attract attention from regional banks with both HSBC and ANZ announcing new investments in the country in the last few days.

Last Friday, HSBC informed the market that it has received approval from the State Bank of Vietnam to increase its stake in Vietnam Technological and Commercial Joint-Stock Bank Techcombank to 15% from 10% for a total consideration of VND539.4 billion $33.7 million.

ANZ, meanwhile, says it has bought a 10% stake in a leading Vietnam stock broker, Saigon Securities Inc. The deal announced yesterday will cost ANZ $88 million and give it a stake in a business which has a 30% share of Vietnam's stock broking market.

HSBC...

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