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HSBC ups stake in Vietnam.
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- Abstract:
This article reports on the approval won by HSBC to increase its stake in Vietnam Technological and Commercial Bank, better known as Techcombank, from 15% to 20%. Foreign ownership is restricted to 30% of any domestic bank, with single investors usually limited to 15% stakes. A 20% stake is only allowed with special permission from the Vietnamese government, and HSBC is the first foreign institution to win approval for that larger limit.
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