Alexa
  • Directory of Taiwan

HSBC to double its stake in Techcombank for US$71.5 million

HSBC to double its stake in Techcombank for US$71.5 million

HSBC Holdings PLC said Thursday it will double its stake in Vietnam Technological and Commercial Joint-Stock Bank, known as Techcombank, to 20 percent for US$71.5 million (euro55 million) once Vietnamese regulations allow.
The transaction is subject to a change in regulations on foreign ownership, approval from regulators and the fulfillment of other conditions, the company said in a statement.
HSBC bought a 10 percent stake in Techcombank in December 2005, at the time the largest stake a foreign institution could hold in a Vietnamese bank. HSBC said it believes draft regulations proposing to raise the foreign ownership cap are currently under review by the Vietnamese government.
Techcombank's 1,300 staff serve almost 100,000 personal and over 10,000 commercial customers through a network of 73 branches and transaction offices in 16 provinces and cities across Vietnam.


Updated : 2021-06-13 20:19 GMT+08:00