19 January 2005
HSBC is set to become Vietnam’s biggest foreign bank by capital investment, after it was granted permission to open its second branch in the country.
HSBC received approval from the State Bank of Vietnam to open the branch in the capital city, Hanoi, which will have an initial investment of US$15 million.
Plans are being drawn up for the official opening of the new branch at Sun Red River, Phan Chu Trinh Street in March 2005. HSBC’s first Vietnamese office - in Ho Chi Minh City – became a full-service branch 10 years ago.
The new branch’s 29-strong team will offer local and foreign currency deposit services to individual and corporate customers, loans and investment consultancy services, as well as taking part in the interbank foreign exchange market and managing customers’ international money transfers to and from Vietnam.
Alain Cany, President and Chief Executive Officer of HSBC in Vietnam, said: “We are delighted to have obtained the State Bank of Vietnam’s approval to open a second HSBC branch in Vietnam, which has enjoyed fast and steady economic growth over the last four years.
“This signifies our long-standing commitment to the country and our confidence in its prospects.”
In addition to receiving a 20-year licence for the Hanoi branch, HSBC is also applying for permission to open a representative office in Cantho, a centre of economic growth in South Vietnam’s Mekong Delta.
Related links
Latest News
08 May 2012
HSBC Holdings plc - Interim Management Statement
07 May 2012
HSBC Bank USA, N.A. to transfer retail mortgage processing and servicing operations
04 May 2012
HSBC Bank Canada First Quarter 2012 result
23 Apr 2012
HSBC appoints Alexi Chan as new head of DCM origination for Asia
18 Apr 2012
HSBC announces an RMB first
10 Apr 2012
The Saudi British Bank First Quarter 2012 Results
