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HSBC to acquire another 8% of Bao Viet Insurance
By Hong Phuc - The Saigon Times Daily
Wednesday,  Oct 7, 2009,23:10 (GMT+7)

HSBC to acquire another 8% of Bao Viet Insurance

By Hong Phuc - The Saigon Times Daily

HANOI – HSBC Holdings Ltd., a unit of the Hong Kong and Shanghai Banking Corporation, on Monday signed an agreement to buy another 8% stake in Bao Viet Insurance Corporation this year.

Vị trí đặt quảng cáoDeputy Prime Minister Nguyen Sinh Hung witnessed the signing ceremony to begin negotiations for the purchase. HSBC plans to buy an additional 8% interest in Bao Viet at the prevailing market price and establish an insurance brokerage in Vietnam.

HSBC Insurance is the only foreign partner of Bao Viet after acquiring a 10% stake in Vietnam’s leading insurance firm two years ago. The enterprise also has an option to increase its stake to 25% over five years, said Bao Viet chairman Le Quang Binh.

Bao Viet started its joint stock company in 2007 with its 77% stake owned by the State. The company had exceeded VND6.6 trillion in turnover and VND828 billion in pre-tax profit as of September 1, year-on-year increases of 10.7% and 43% respectively, said Bao Viet general director Nguyen Thi Phuc Lam.

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