HSBC to pull out of Vietnam insurance business

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Banking giant HSBC has put its Vietnam insurance business for sale, news agency Reuters reported on July 18, citing unnamed sources. The deal could fetch about $400 million for the bank in its efforts to exit non-core operations globally, the report said.

In detail, HSBC is looking for buyers for its 18 per cent stake in Baoviet Holdings, the country’s top insurer.

Earlier this year, HSBC closed down its consumer banking business and shut its retail branches in Thailand, South Korea, and Japan in a move to reshape its international business. Other countries where HSBC discontinued its operations were Costa Rica, El Salvador, and Honduras.

 

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Reading Time: 1 minute

Banking giant HSBC has put its Vietnam insurance business for sale, news agency Reuters reported on July 18, citing unnamed sources. The deal could fetch about $400 million for the bank in its efforts to exit non-core operations globally, the report said.

Reading Time: 1 minute

Banking giant HSBC has put its Vietnam insurance business for sale, news agency Reuters reported on July 18, citing unnamed sources. The deal could fetch about $400 million for the bank in its efforts to exit non-core operations globally, the report said.

In detail, HSBC is looking for buyers for its 18 per cent stake in Baoviet Holdings, the country’s top insurer.

Earlier this year, HSBC closed down its consumer banking business and shut its retail branches in Thailand, South Korea, and Japan in a move to reshape its international business. Other countries where HSBC discontinued its operations were Costa Rica, El Salvador, and Honduras.

 

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