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HSBC - The largest foreign bank in Vietnam (14/10/2008)

In Vietnam, HSBC first opened an office in Saigon (now Ho Chi Minh City) in 1870. In August 1995, HSBC opened a full-service branch in Ho Chi Minh City. In 2005, HSBC also opened its second branch in Hanoi and established a representative office in Cantho.

On 29 December 2005, HSBC acquired 10% share capital of Vietnam Technological and Commercial Joint Stock Bank (Techcombank), one of the largest joint stock commercial banks in Vietnam by equity. In July 2007, HSBC became the first foreign bank to increase its stake in Techcombank to 15%. In September 2008, HSBC completed the increase of its stake in Techcombank to 20%, became the first foreign bank in Vietnam to hold a 20% interest in a domestic bank.

In September 2007, HSBC acquired 10% share capital of Bao Viet Holdings, becoming the sole foreign strategic partner of Vietnam’s leading insurance company.

In September 2008, HSBC became the first foreign bank to obtain official approval from the State Bank of Vietnam to set up a Wholly Foreign Owned Bank in Vietnam. The Bank awaits final business registrations and hopes to become first foreign bank to operate a fully owned local entity in the fast-growing Vietnamese banking sector.

HSBC is now the largest foreign bank in Vietnam in terms of investment capital, network, product range, staff and customer base. HSBC’s history in Vietnam and knowledge of its culture reflects its commitment to delivering excellence in customer service, every time.

Awards 

  • Best Foreign Bank in Vietnam 2006, 2007, 2008 by FinanceAsia
  • Best Trade Finance Bank in Vietnam 2008 by the Asset Triple A Awards
  • Best Retail Bank in Vietnam 2006 by the Asian Banker.
  • Best Bank in Vietnam 2006 by the Asset Triple A Awards.
  • Best Sub-custodian Bank in Vietnam 2006 by the Asset Triple A Awards.
  • Best Sub-custodian Bank in Vietnam 2008 by Global Finance
  • Best for Overall Forex Services in Vietnam 2006, 2007 by Asiamoney FX Poll
  • Golden Dragon Award for Most Preferred Bank, by the Vietnam Economic Times and Ministry of Planning and Investment for 7 consecutive years (2001 - 2007)
  • Top Trade Services Awards 2007, by the Ministry of Industry and Trade of Vietnam
  • Saigon Times Top 40 Awards 2007, by Saigon Times and Departments of Planning and Investments of Hochiminh City, Provinces of Binh Duong, Dong Nai and Ba Ria – Vung Tau

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