HSBC became the first locally incorporated foreign bank in Vietnam to expand its distribution network via its transaction office.Located in Tay Ho, the new transaction office is the first of eight new outlets expected to be opened by HSBC Bank (Vietnam) Ltd. this year.HSBC first received approval, in-principle, for local incorporation in Vietnam in March 2008, and set up a Wholly Foreign-Owned Bank (WFOB) in Vietnam in September. Eventually HSBC became the first foreign bank within Vietnam’s fast-growing banking sector to begin operating as a full locally incorporated bank on 1 January 2009, and the opening of the Tay Ho Transaction Office in Vietnam's capital city of Hanoi makes HSBC the first and only wholly foreign-owned bank in Vietnam with both branches and transaction offices in place.Thomas Tobin, CEO of HSBC Bank Vietnam, said: "We plan to expand from two branches currently to ten outlets within our first year of operation as a locally incorporated entity in Vietnam. Tay Ho is our first officially opened transaction office, adding to our full service branches in Ho Chi Minh City and Hanoi. We have two more transaction offices in Hanoi and by the end of this week we will have three more in Ho Chi Minh City that we will be piloting. These will be officially opened in the coming weeks."Centrally located in the Tay Ho District at Syrena Tower, 51 Xuan Dieu Street, the Tay Ho Transaction Office is a subsidiary of HSBC’s Hanoi Branch. It offers a full range of Personal Financial Services to retail customers in Hanoi.
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