HSBC says mulling sale of stake in Vietnamese firm

9th August 2012, Comments 0 comments

Europe's biggest bank HSBC said Thursday that it was mulling the sale of its holding in Vietnamese financial services firm Bao Viet, as the global giant continues to shed non-core assets.

"HSBC Holdings plc notes the recent press speculation concerning a possible sale by its wholly-owned subsidiary HSBC Insurance (Asia Pacific) Holdings Limited of its 18-percent stake in Bao Viet Holdings, Vietnam's leading insurance and financial services group," it said in a brief statement.

"HSBC confirms that it is reviewing its strategic options with respect to its shareholding in Bao Viet Holdings."

"No decision has been made as yet and HSBC will make a further statement if or when appropriate."

Back in May 2011, HSBC announced massive cost-cutting measures, including strategic plans to save up to $3.5 billion by 2013 and axe 30,000 jobs.

© 2012 AFP

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