HSBC Bank (Vietnam) Ltd. has officially opened its first transaction office in Tay Ho in Vietnam’s capital city, Hanoi. The new transaction office is the first of eight new outlets expected to be opened by HSBC this year.
“In addition to being the first bank to operate as a Wholly Foreign-Owned Bank (WFOB) in January this year, HSBC has now become the first to take advantage of its new locally incorporated status to expand its distribution network with the first transaction office in Tay Ho,” says Thomas Tobin, CEO of HSBC Bank Vietnam. “This reflects our commitment to extending our presence in Vietnam as well as the Group’s continued investment in emerging markets.
“We plan to expand from two branches currently to 10 outlets within our first year of operation as a locally incorporated entity in Vietnam. Tay Ho is our first officially opened transaction office, adding to our full service branches in Ho Chi Minh City and Hanoi. We have two more transaction offices in Hanoi and by the end of this week we will have three more in Ho Chi Minh City that we will be piloting. These will be officially opened in the coming weeks.”
Centrally located in the Tay Ho District at Syrena Tower, 51 Xuan Dieu Street, the Tay Ho Transaction Office is a subsidiary of HSBC’s Hanoi Branch. Covering 427 square metres of ground floor space, HSBC’s Tay Ho Transaction Office offers a full range of Personal Financial Services to retail customers in Hanoi.
HSBC first received in-principle approval for local incorporation in Vietnam in March 2008, and set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam 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, and the opening of the Tay Ho Transaction Office makes HSBC the first and only wholly foreign-owned bank in Vietnam with both branches and transaction offices in place.
HSBC operates one of the largest foreign-owned banks in Vietnam. It also holds 10 per cent of the share capital of 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.
D.C.