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HSBC increases Vietnam stake

HSBC increases Vietnam stake

(9 July 2007 - Vietnam) HSBC has been granted regulatory approval to increase its stake in Vietnam's Techcombank to 15 percent with the bank looking to secure 20 percent ownership overall. HSBC has paid US$33.7 million to raise its stake in Techcombank from 10 to 15 percent.

Techcombank is the seventh largest lender in Vietnam with total assets of US$1.6 billion at the end of May, an increase of 44 percent from the end of 2006.

Foreign ownership in Vietnam is currently limited to 30 percent with strategic investor stakes capped at 15 percent.

HSBC will apply to the government in Hanoi for a second tranche of shares to take its stake to 20 percent.
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