Welcome to HSBC in Vietnam

On 17 November 2008, HSBC has cooperated with strategic partner Bao Viet to introduce Property and Keyman insurance products. These two products are designed to protect a company against accidental physical loss or damage to property arising from insured perils, and to insure a business against the loss of a company’s most valuable assets: its key employees. More details about Keyman Insurance and Property Insurance.

On 9 October, HSBC Holdings plc strengthened the capital base of its UK subsidiary, HSBC Bank plc, through an equity injection of £750million. The capital injection has been funded from the Group’s own resources, fulfilling HSBC’s agreed commitment to the UK government’s banking sector scheme. HSBC over the last three days has provided significant amounts of liquidity to the London Sterling interbank market, lending around £4 billion of three-month and six-month money to other banks. HSBC will continue to support the London interbank market. Click here for more information.

On 8 October 2008, the UK government proposed to provide liquidity and inject capital into the UK banking system. Consistent with these objectives, HSBC will ensure that our principal UK subsidiary, HSBC Bank plc, continues to be appropriately capitalised, funded from the Group’s internal resources. HSBC therefore has no current plans to utilise the UK recapitalisation initiative. With efforts to support to stabilise the operation of financial markets, on 7 October, the HSBC Group provided significant amounts of liquidity to the London Sterling interbank market, lending around £2 billion of three-month and six-month money to other banks. Click here for more information.

HSBC has introduced two prime life insurance products: Anticipated Endowment Insurance and Term Life Insurance. Customers now have the convenience of arranging their banking and insurance needs in one place. More details about Anticipated Endowment Insurance and Term Life Insurance.

On 29 September 2008, HSBC officially launches banking services dedicated for SME business in Vietnam. HSBC offers a special package BusinessVantage, that includes free Business ATM cards, Telephone Banking, Business Internet Banking, Overseas Inward Remittances to In-house Payroll service. Customers also may enjoy a discount on local transfers, preferential import and export tariffs. Click here to know more about HSBC SME banking services.

HSBC has obtained official approval from the State Bank of Vietnam (SBV) to set up a Wholly Foreign Owned Bank (WFOB) in Vietnam. The new entity, HSBC Bank (Vietnam) Limited, will be headquartered in Ho Chi Minh City and 100 per cent owned by The Hongkong and Shanghai Banking Corporation Limited. Local incorporation will enable HSBC to have a broader distribution network to reach existing and new customers. Click here for more information.

On 25 August 2008, HSBC launched Internet Banking Service to meet the increasing needs of personal customers and corporate customers in Vietnam. HSBC customers can now access to their accounts and do variety of banking transactions from local and international fund transfers, opening Time Deposit to international trade service transactions safely and conveniently with just a click of the mouse at anytime, anywhere while are protected with the most sophisticated and updated online security systems in the world.

HSBC becomes the first foreign bank in Vietnam to hold a 20% stake in a domestic bank as it increases its stake in Techcombank from 14.4% to 20%. The transaction follows the special approval from the State Bank of Vietnam and Vietnamese Prime Minister Nguyen Tan Dung in July 2008 to increase HSBC’s investment in Techcombank beyond the foreign ownership cap of 15%. The transaction is expected to be completed on 5 September 2008.

FinanceAsia, Asia’s leading publication in finance and banking has named HSBC the Best Foreign Bank in Vietnam 2008. This is the third year in a row the Bank has received this prestigious Award, after the accolades of 2006 and 2007.

Click here to know more about Anti-money Laundering Mechanism in Vietnam