HSBC Rated Best Foreign Bank in Vietnam

Hong Kong Shanghai Banking Corporation (HSBC) has become Vietnam’s best foreign bank in 2007, honored by Finance Asia, the leading financial publication in Asia.

 

This is second consecutive year HSBC has won this award from Finance Asia.

 

The award was built on financial strength and performance, franchise value, acquisitions franchise, number of employees, client base, major business deals, and testimonials from clients.

 

Thomas Tobin, President and CEO of HSBC Vietnam, said: “A prestigious award for the last two consecutive years means the reconfirmation of our customers’ trust as well as the high recognition from independent industry leaders for our consistent, professional and world class services.”

 

HSBC is committed to further developing its services and products in the coming years to ensure position as the bank of choice in Vietnam is maintained, he said.

 

This is also the second big award HSBC has received in the first half of 2007. The bank was named the best retail foreign bank in Vietnam for its outstanding performance in 2006, by Singapore’s Asian Banker financial magazine.

 

HSBC is operating two branches in Vietnam, one in Hanoi and another in Ho Chi Minh City, and a representative office in Can Tho. The bank plans to open five to ten branches in the country in the next four years.

 

The world's third-largest bank has got permission from the State Bank of Vietnam to raise its ownership to 15 per cent stake in the Technological and Commercial Joint Stock Bank (Techcombank), following an acquisition of an additional 5 per cent for (US$33.7 million). (Labor, VNA)