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LONDON, Dec 28 (AFP): Global banking giant HSBC on Wednesday said it had agreed to acquire a 10-percent stake in Vietnam Technological and Commercial Joint Stock Bank (Techcombank) for 17.3 million dollars (14.5 million euros) in cash.
Regulatory approval had been received and the transaction was expected to be completed shortly, HSBC added in a statement.
HSBC's chief executive for Vietnam operations, Alain Cany, said the deal would give the London-based bank greater participation in the Asian country's fast-developing financial market.
"We are optimistic about the prospects for Vietnam which has benefited from continued, strong economic growth over the past few years and measures taken by the government to expand the local banking industry," he added.
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