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January 6, 2009

HSBC to expand business in Vietnam
HSBC Holdings Plc plans to open a new branch in Vietnam as well as seven additional offices after it launched a wholly foreign-owned subsidiary in the communist-run state, reported Reuters.

HSBC, Europe's largest bank, and UK’s Standard Chartered Plc were the first foreign banks to win licences to set up fully owned operations in Vietnam, followed by Australia and New Zealand Banking Group, South Korea's Shinhan Bank and Malaysia's Hong Leong Bank Bhd.

HSBC already has two branches in Vietnam, one in Ho Chi Minh City and one in Hanoi, which it converted to HSBC Bank (Vietnam) Ltd on January 1, HSBC said on Monday.

"Our ability to locally incorporate is a tangible example of the government's willingness to welcome foreign investment to Vietnam," Thomas Tobin, the head of HSBC's business in Vietnam, said in a statement.

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