The Hongkong and Shanghai Banking Corporation Limited will acquire 10% of Vietnam Technological and Commercial Joint Stock Bank (Techcombank) for VND275 billion (US$17.3 million).
Techcombank is Vietnam’s third largest joint stock bank. Headquartered in Hanoi, the bank currently operates through a network of 45 branches in 10 provinces and cities in Vietnam. Techcombank employs nearly 1,000 staff and offers a range of retail and commercial banking services.
Alain Cany, chief executive officer of HSBC in Vietnam, said: “We are optimistic about the prospects for Vietnam which has benefited from continued, strong economic growth over the past few years and measures taken by the government to expand the local banking industry.
“Our investment in Techcombank will give HSBC greater participation in Vietnam’s fast developing financial market and we hope, in return, to offer our international expertise to support the growth of Vietnam’s economy.”