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Banking & Finance

HSBC consolidates Vietnam business

Released at: 12:30, 17/12/2015

HSBC consolidates Vietnam business

Move part of bank's business strategy and will have no effect on operations.

by Minh Tuyet

HSBC consolidated all of its business in Vietnam into HSBC Bank (Vietnam) Ltd. (HSBC Vietnam) and liquidated the Hongkong and Shanghai Banking Corporation, Hanoi Branch (HBAP Hanoi) on December 16.

The liquidation of HBAP Hanoi will have no impact on the operations of HSBC Vietnam and the bank will continue to serve both retail and corporate customers.

“This is a normal step by HSBC to consolidate all of its business in Vietnam,” Head of Communications Vietnam at HSBC Vietnam, Ms. Cao Thi Huong Giang, told VET.

“With the approval of the SBV we liquidated HBAP HCMC and now, on December 16, HBAP Hanoi, to consolidate all of our business in Vietnam into HSBC Vietnam,” she went on. “HSBC Vietnam still operates and serves all retail and corporate customers as normal and is now the largest foreign bank in Vietnam in terms of capital, network, customer and staff base, and range of products and services.”

HSBC entered Vietnam in 1870 and until 2009 had two branches, one in Hanoi and one in Ho Chi Minh City (HBAP HCMC).

On January 1, 2009, with approval from the State Bank of Vietnam (SBV), HSBC Vietnam was formed, 100 per cent owned by the Hongkong and Shanghai Banking Corporation Limited. “HSBC Vietnam, in principle, can operate on a level playing field with other banks in Vietnam and so far we have 15 outlets nationwide, instead of only two branches as at the time they were foreign bank branches,” Ms. Giang said.

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