Global banking giant to increase stakes in Vietnam
Updated
Vietnam has allowed global bank, HSBC, to raise its stake in Techcombank to 20 per cent.
HSBC is one of the largest private banks in the communist country.
The State Bank of Vietnam says move follows government approval issued in late July.
Vietnam, a World Trade Organisation member since early 2007, has agreed to open up its banking sector but maintains caps on foreign ownership.
Foreign banks have complained the market is not opening fast enough.
Techcombank, founded in 1993, is one of the largest joint stocks banks in Vietnam, with assets of almost $US2.5 billion at the end of last year.
