HSBC sells stake in Vietnamese firm
Global banking giant HSBC said Thursday that it has agreed to sell its stake in Vietnamese financial services firm Bao Viet Holdings to Japan's Sumitomo Life Insurance.
"HSBC Insurance (Asia-Pacific) Holdings Limited, an indirect wholly-owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its entire 18-percent shareholding in Bao Viet Holdings, to Sumitomo Life Insurance Company," it said in a statement.
HSBC will sell its entire stake for 7.10 trillion Vietnamese dong (US$340 million) in cash.
The latest disposal, which is expected to complete in the first quarter of 2013, is part of the bank's ongoing plans to sell off non-core assets.
"This transaction represents further progress in the execution of the group's strategy, allowing us to focus our capital and resources on the growth of our core businesses," said Peter Wong, CEO of HSBC in Asia Pacific.
"We are proud of the success of our five-year partnership with Bao Viet and wish it continued success."
© 2012 AFP