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HSBC plans more outlets in Vietnam   2009-01-06 - ThanhNien

HSBC Holdings Plc, Europe’s largest bank, plans to open eight new outlets in Vietnam following the launching of its wholly foreign-owned subsidiary in Ho Chi Minh City Monday.


Before it converted to HSBC Bank (Vietnam) Ltd. on January 1, HSBC had two branches in Vietnam, one in HCMC and one in Hanoi, the bank said Monday.

HSBC Bank (Vietnam), the country’s first locally incorporated foreign bank, has a chartered capital of VND3 trillion (US$170 million).

“Our ability to locally incorporate is a tangible example of the government’s willingness to welcome foreign investment to Vietnam,” Thomas Tobin, the head of HSBC’s business in Vietnam, said in a statement.

Despite the global economic slowdown, “it is a good time for us to show our good services to customers,” Tobin told Thanh Nien Daily.

A bank official said HSBC Bank (Vietnam) has hired and trained more than 400 staff for the expansion, increasing its labor force to 1,000 in Vietnam.

Last September, HSBC and Standard Chartered Plc. were the first foreign banks to win licenses to set up fully owned operations in Vietnam. Australia and New Zealand Banking Group, South Korea’s Shinhan Bank and Malaysia’s Hong Leong Bank Bhd. later received similar approvals.

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