The Hong Kong Shanghai Bank Corporation (HSBC) has received the nod from the State Bank of Viet Nam (SBV) to raise its stake in the Viet Nam Technical and Commercial Joint Stock Bank (Techcombank) from 10 percent to 15 percent, worth 33.7 million USD.
The approval made HSBC the first foreign bank allowed to own 15 percent of capital in a local joint stock bank.
The government in April issued a document allowing foreign banks to own 15 percent of stake in a domestic bank. The rate can be raised to 20 percent with government approval.
The HSBC plans to seek to increase its stake in Techcombank to 20 percent.
Source: VNA
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