hsbc-set-to-become-vietnams-first-100-foreign-bank

HSBC set to become Vietnam's first 100% foreign bank

Vietnam's State Bank approves HSBC's application to become a wholly foreign-owned bank.

By Lara Wozniak

September 08, 2008

HSBC announced yesterday that it has obtained official approval from the State Bank of Vietnam to set up a wholly foreign-owned bank in Vietnam, bringing the bank closer to achieving its goal of incorporating locally and strengthening its position as a leading foreign bank in Vietnam.

ôWe continue to increase our participation in VietnamÆs economy and financial markets, and I am very glad to see that our commitment to the development of the financial sector has been recognised and supported by the authorities,ö says Thomas Tobin, CEO of HSBC in Vietnam. This is a clear sign of the governmentÆs strong commitment to the WTO and their recognition of the importance of a strong financial sector....

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