3:26:33 PM | 7/8/2005
UK giant Hong Kong and Shanghai Banking Corporation (HSBC) officially opened its second Vietnam branch in Hanoi on March 2 after operating its first branch in Ho Chi Minh City for the past 10 years.
The Hanoi branch, located at the Sun Red River building, 23 Phan Chu Trinh Street, Hoan Kiem District, has an initial investment of $15 million, making HSBC the highest capitalized foreign bank in the country with a total investment capital of $30 million.
Stephen Green, Group Chief Executive of HSBC Holdings plc, paid his first visit to Vietnam to officiate at the opening ceremony. He said: "The opening of our branch is both a response to customer demand and a mark of our confidence in the long-term prospects for Vietnam, prospects that will be enhanced if Vietnam is successful in its application to join the World Trade Organisation. For HSBC, the formal opening of our Hanoi branch today means that we will now provide a full range of financial services in Vietnam’s two major economic hubs."
Joining Green at the ribbon cutting ceremony of the new branch were State Bank of Vietnam's Deputy Governor Phung Khac Ke and Chairman of the Hanoi People's Committee Nguyen Quoc Trieu.
Vietnamese
