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HSBC launches its own VN bank
(06-01-2009)
HCM CITY — HSBC officially launched its own local bank, HSBC Bank (Viet Nam) Ltd yesterday.
This is the first 100 per cent foreign-owned bank inaugurated in the country, following approvals granted by the State Bank of Viet Nam last September.
"This is a great milestone for HSBC in Viet Nam and demonstrates our strong growth in developing markets and commitment to the development of Viet Nam’s financial and banking sector," said Thomas Tobin, CEO of the new bank.
"Despite the turbulent market conditions in 2008, we see the underlying potential of the Vietnamese economy with its dynamic workforce, stable pro-growth Government, and rich natural resources," he added.
Operating as a locally incorporated entity would enable the HSBC to increase participation in the country’s fast growing economy and financial markets with the best international banking practice and world-class services, Tobin said.
"Local incorporation will give us a platform to enhance our range and scope of services, and reach more customers in the country’s major commercial centres," he said.
The bank has passed all assets and liabilities of the operations of the HSBC HCM City Branch and certain assets and liabilities of the Ha Noi Branch to the new bank. As a result, all the contracts, accounts and records of its customers, partner banks, suppliers and other parties have been automatically transferred to the new bank.
The new bank has a registered capital of VND3 trillion (US$177 million) and is headquartered at the Metropolitan Building in District 1.
Tobin said the bank planned to open a new branch in Binh Duong Province shortly and seven other outlets in Ha Noi and HCM City in the first quarter of this year.
It will also offer more services and products to customers, including US dollar deposits for Vietnamese individuals.
The HSBC first opened an office in the former Sai Gon in 1870. It currently holds 20 per cent of the joint stock Techcombank and 10 per cent of Bao Viet Holdings, the leading financial insurance group in Viet Nam. — VNS

Source: http://vietnamnews.vnagency.com.vn/showarticle.php?num=01BAN060109