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Anonymous

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HSBC to expand into Laos !
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HSBC To Expand In Vietnam; Eyes Moving Into Laos, Cambodia


Photo: HSBC in Vietnam, and  probably the same in Vientiane biggrin

LONDON -(Dow Jones)- U.K. banking group HSBC Holdings PLC (HBC) said Monday it plans to expand in Vietnam and have 10 branches there by year-end, up from two currently, and is looking at setting up operations in neighboring Laos and Cambodia within the next five years.

"We will be opening in Ho Chi Minh, Hanoi and Binh Duong. We plan to have a total of 10 outlets this year," said HSBC Vietnam President and Chief Executive Thomas Tobin.

The Vietnam expansion comes after HSBC was given approval by the government to become the first foreign bank to set up a locally incorporated entity. It also forms part of HSBC's aggressive expansion in developing markets.

The change in legal status also means that it's easier now for HSBC's local operations to set up branches across the country.

HSBC's current two branches are located in Ho Chi Minh city and Hanoi.

New laws which help open Vietnam's banking sector to foreign companies have been introduced as part of the communist country's inclusion into the World Trade Organization.

Last year, HSBC hired more than 400 additional staff in Vietnam in anticipation of its expansion. This has brought staff numbers there to more than 1,000. Tobin said the new staff are being trained to man the future branches.

In Vietnam, HSBC also owns 10% of Bao Viet Holdings, an insurance company, and 20% of Vietnam Technological and Commercial Joint Stock Bank, or Techcombank.

Tobin said HSBC is eyeing expansion into neighboring Laos and Cambodia.

"It's something that we keep an eye on. We visit there regularly, and we're in close contact with the customers and the regulators. We see tremendous potential in both those countries. So for sure, within the next five years, we'll keep an eye on it," he said.

In October, HSBC agreed to buy a majority stake in Indonesia's Bank Ekonomi Raharja for $607.5 million.

That acquisition also follows the bank's expansion into China's Dazu county and its efforts to expand in other emerging markets like Georgia, Russia, Peru and Panama.

Company Web site: www.hsbc.com

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samakomlao


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That's a very good news for Laos.
This bank is very popular and you can find it in many parts of the world

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khonthakek


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in the next five years, I hope that will have enough $$ to deposit

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Laos2beLaos


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That news is a very good news.   What are you doing young Lao men and women? Go to school,  study and get good education now to get ready to implement your skill when that time comes.

-- Edited by Laos2beLaos at 20:49, 2009-01-22

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anhtuan


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Its still a long way and everything still considering.... smile.gif

well, I hope it will be truth.

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Baxter

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That's all good and well if in fact it does proceed.  I was informed that there was (is) a possibility that it may form part of the Laos Mega Mall currently under construction and due for completion in 2013.  This would appear not to be the case as recent information suggests the Mega Mall is progressing slowly and has become somewhat protracted.  Hopefully the company commissioned to oversee the project will seek outside assistance with the view to ensure the complex is actually constructed and completed to the standard claimed on their web site. However, I feel a HSBC bank would be most welcomed in Laos and would certainly provide an alternative to the current ANZ bank in Vientiane, thus providing competitive lending, term deposits, and like investments.

KSA.



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Kaysone

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Can't wait. Within 5 years from 2009? We are in 2015! Six years now. Come on! Quick, quick! Hope it will happen soon.

 



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