HSBC to Increase Shares in Vietnamese Insurance Company

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Mar. 23 – Leading bank, HSBC, is looking into increasing its stake in Vietnam’s Bao Viet Insurance from 10 percent to 18 percent despite the slowing economy.

HSBC became the first foreign bank in the country to become a fully-owned operation and is the largest bank in Europe.

“We are looking to do more with the strategic partners,” Paul Leech, Hong Kong-based head of international operations for HSBC, told Thanh Nien News.

The bank also has a maximum 20 percent stake in Techcombank. “When we made the strategy to open, the world was a little different,” Leech added. “The interesting thing is, actually, our strategy really has not changed.”

HSBC will soon add more offices in Ho Chi Minh City and Hanoi and another one in the Binh Duong Province. Leech said:“We hope to get a bigger share of the banking and insurance market here."

“Life is difficult but that is not going to deflect us from the fact that in our opinion Vietnam remains one of the most interesting emerging markets in the Asia-Pacific region,” he added.