China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
HSBC to up stake in Vietnam's Techcombank to 20 percent
HONG KONG (Reuters) - HSBC HSBC.L said on Thursday it will raise its stake in Vietnam bank Techcombank to 20 percent from 14.4 percent in a deal worth roughly $77.1 million.
By raising its stake, HSBC will become the first foreign bank in Vietnam to hold a 20 per cent interest in a domestic bank, the company said. Techcombank is officially known as Vietnam Technological and Commercial Joint Stock Bank.
As part of the deal, Hanoi-based Techcombank will issue new shares, priced at VND 60,891.52 per share. The transaction is expected to be completed by September 5.
(Reporting by Michael Flaherty, Editing by Keiron Henderson)
