HSBC Officially Opens Vietnam's First 100 per cent Foreign-Owned Bank
Hong Kong-Shanghai Banking Corporation (HSBC) on January 5 officially inaugurated its wholly-owned bank in Vietnam, the first 100 per cent foreign-owned bank in the country to date, Vietnam Economic Times reported.
HSBC Bank Vietnam Ltd, has a registered capital of VND3,000 billion (US$17.5 million) and is headquartered at the Metropolitan Building in District 1 of HCM City, the paper said.
Chief Executive of HSBC Vietnam, Thomas Tobin, said the new bank's opening on January 1 demonstrated "our strong growth in developing markets and commitment to the development of Vietnam's financial and banking sector."
Operating as a locally incorporated entity would enable HSBC to increase presence in the country’s fast growing economy and financial markets with the best international banking practice and world-class services, Tobin said.
HSBC, which had already operated several branches here, said all contracts, accounts and records of its customers, partner banks, suppliers and other parties had been automatically transferred to the new entity.
Tobin said the bank planned to open a new branch in Binh Duong province soon and seven other outlets in Hanoi and HCM City in the first quarter of this year, subject to the approval granted by the State Bank of Vietnam last September.
HSBC first opened an office in the former Saigon in 1870. It currently holds a 20 per cent stake in the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) and a 10 per cent stake in BaoViet Holdings. (Vietnam Economic Times, Youth)
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