HSBC officially launches affiliate in Vietnam

HSBC Bank Ltd (HSBC Vietnam), a wholly owned subsidiary of Hong Kong Shanghai Banking Corporation Limited, opened its headquarters in Ho Chi Minh City and officially commenced operations in Vietnam on January 5.

With registered capital of 3 trillion VND, HSBC Vietnam is the first wholly-foreign owned bank in Vietnam .

After inaugurating the headquarters, HSBC Vietnam will open a transaction centre in HCM City and branches in Hanoi and Binh Duong province.

“This is a great milestone for HSBC in Vietnam and demonstrates our strong growth in developing markets and commitment to the development of Vietnam ’s financial and banking sector,” said president and CEO of HSBC Vietnam Thomas Tobin.

President of HSBC in the Asia-Pacific region Vincent Cheng said the establishment of HSBC Vietnam fits with its dual growth strategy of organic expansion and strategic partnerships.

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