hsbc-increases-stake-in-bao-viet-holdings

HSBC increases stake in Bao Viet Holdings

HSBC spends $102 million to boost its stake in VietnamÆs largest insurance and financial services group to 18%.

Following regulatory and shareholder approvals, HSBC Insurance Asia-Pacific announced it has increased its shareholding in Bao Viet Holdings to 18% from 10% at a cost of Vnd1.88 trillion $102 million.

HSBC acquired a 10% interest in Bao Viet, Vietnam's leading insurance and financial services group, in September 2007. Under the terms of the original agreement, HSBC had an option to purchase a further 8% of Bao Viet's shares from the ministry of finance MoF. In October 2009 the MoF gave formal consent for this option to be exercised through the issue of new Bao Viet shares to HSBC.

The decision to increase our stake in Vietnam's leading insurance and financial...

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