HSBC BOOSTS ITS VIETNAM PRESENCE

HSBC is looking to boost its presence in the financial services arena in Vietnam. The bank, which is listed in London and Hong Kong, already owns a stake in Vietnamese insurer Bao Viet Holdings. It has now revealed its intention to increase its stake in one of the country’s largest private banks Techcombank. It currently holds a 14.4% stake in the bank but hopes to up that to 20% in a $77.1m deal. The transaction has received the go ahead from the authorities in Vietnam and HSBC expects the deal, which would make it the first foreign business to hold a 20% stake in a Vietnamese bank, to be completed by September 5.