The Hongkong and Shanghai Banking Corporation Limited (HSBC) said here Wednesday that it has entered into an agreement to acquire 10 percent of the share capital of Vietnam Technological and Commercial Joint Stock Bank ( Techcombank) for a cash consideration of 17.3 million US dollars.

According to HSBC, regulatory approval has been received and the transaction is expected to be completed shortly.

Techcombank is Vietnam's third largest joint stock bank, with total assets of 482 million US dollars at Dec. 31, 2004. Headquartered in Hanoi, the bank currently operates through a network of 45 branches in 10 provinces and cities in Vietnam. Techcombank employs nearly 1,000 staff and offers a range of retail and commercial banking services.

HSBC is one of the largest foreign banks in Vietnam with an investment capital totaling 30 million US dollars. The bank has two branches, one in Hanoi and one in Ho Chi Minh City, and a representative office in Cantho, and 190 employees providing a wide range of corporate and personal financial services to a diverse customer base.

Source: Xinhua