HSBC to Take Seat at Techcombank's Manager Board

General director of the Hong Kong and Shanghai Banking Corporation (HSBC)’s Asia-Pacific branches, Brian George Fredrick will become a member of the new manager board of the Vietnam Technological and Commercial Bank (Techcombank) which is scheduled to be introduced in the forthcoming time.

 

The news was released right after the meeting between the two strategic partners on September 23.

 

Nguyen Duc Vinh, Techcombank’s general director said the two banks are negotiating on lifting HSBC’s stake rate in Techcombank to 20 per cent from the current 10 per cent right after the State Bank of Vietnam allows it, adding that it is now not right time to announce more specific information.

 

HSBC spent $17.3 million acquiring 10 per cent stake of Techcombank last December.

 

As scheduled, Techcombank will raise its chartered capital to VND1.687 trillion later this year from the current VND830 billion.