HSBC Opens First Wholly Foreign Owned Transaction in Vietnam
HSBC Vietnam has officially put a transaction office into operation in Tay Ho district of Hanoi, marking it as the first wholly foreign owned transaction point in the Southeast Asian country so far.
Covering 427 square meters of ground floor space at Syrena Tower, 51 Xuan Dieu Street, the new transaction office is also the first of eight new outlets HSBC plans to open this year, Thomas Tobin, CEO of HSBC Bank Vietnam, said.
He added that HSBC will have two more transaction offices in Hanoi and three more in HCMC by the end of this week.
HSBC received in-principle approval for local incorporation in Vietnam in March 2008, and set up a wholly foreign-owned bank in September.
HSBC became the first foreign bank within Vietnam’s fast-growing banking sector to begin operating as a full locally incorporated bank on 1 January 2009.
HSBC operates one of the largest foreign-owned banks in Vietnam.
It also holds a 10 per cent stake in Bao Viet Holdings, Vietnam’s leading insurer, and 20 per cent of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of Vietnam’s largest joint stock banks. (Trade & Industry)
Vietnamese
