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Thursday October 22, 8:45 PM
HSBC ups stake in Vietnamese group Bao VietGlobal banking giant HSBC said on Thursday it had increased its holding in Bao Viet, Vietnam's leading insurance and financial services group.
"HSBC has signed an agreement to increase its shareholding in Bao Viet Holdings to 18 percent from 10 percent for 1.88 trillion Vietnamese dong (105.3 million US dollars)," the banking giant said in a statement.
The group acquired a 10-percent stake in Bao Viet in 2007 but had an option to purchase another eight percent from Vietnam's Ministry of Finance.
"Our additional investment in Bao Viet reflects the successful partnership we have enjoyed over the last two years and the confidence we have in the long-term growth prospects of Bao Viet and of Vietnam," said HSBC Chief Executive Michael Geoghegan in the statement.
"This is also entirely consistent with our stated strategic focus on the world's faster growing markets and our intention to meet the insurance and wealth protection needs of our customers in these rapidly developing markets."
HSBC announced in September that it would relocate Geohegan from London to Hong Kong, as the banking titan sought to underline its large presence in fast-growing emerging markets in Asia.
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