hsbc-increases-stake-in-vietnams-techcombank

HSBC increases stake in Vietnam's Techcombank

HSBC will become the first foreign bank in Vietnam to own a 20% holding in a domestic lender.
HSBC is about to make history in Vietnam.

It is about to become the first foreign bank to hold a 20% interest in a domestic Vietnamese bank as it increases its stake in Vietnam Technological and Commercial Joint Stock Bank, better known as Techcombank, to 20% from 14.4% for a total consideration of Vnd1,272 billion $77.1 million.

Techcombank will issue new shares, priced at Vnd60,891.52 per share, to raise HSBCÆs strategic investment to 20%. The transaction is expected to be completed by September 5.

For Vietnam standards, the deal has taken place quickly as HSBC only received approval in principle from the State Bank of Vietnam and Vietnamese Prime Minister Nguyen Tan Dung...
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