RETAIL BANKING | Cesar Tordesillas, Vietnam

HSBC wants fresh Vietnamese dong holders as clients

HSBC intends to penetrate Vietnam's promising personal banking segment where less than 10 percent have a bank account. Thus it will soon double its reach in Vietnam by opening three more outlets in Ho Chi Minh City.The bank had opened three transaction offices in Hanoi in April – making HSBC the first wholly foreign-owned bank to operate both branches and transaction offices in Vietnam.Lyndsay Rajah, Head of Personal Financial Services of HSBC Bank Vietnam Ltd., said: "The personal banking segment in Vietnam has significant growth potential as less than 10 percent of Vietnam’s population have a bank account. With the establishment of our new transaction offices, HSBC Bank Vietnam will be able to penetrate further into the retail market. The new outlets also underline HSBC’s confidence in the country’s long-term development, despite the current global economic turmoil. HSBC will continue to make our world-class products and services more accessible to customers as we expand our network in 2009."HSBC Bank Vietnam Ltd., opened its Phu My Hung Transaction Office at 1401-1403 Nguyen Van Linh Avenue, My Toan 2, Phu My Hung, on 13 May 2009. Located in the new Saigon South business hub, the Phu My Hung Transaction Office covers 151 square metres of ground floor space and an additional 167 square metres across the first and second.The 182-square-metre Dinh Tien Hoang Transaction Office will be opened on 20 May. It is located on the ground floor of the modern Saigon Financial Centre – home to a number of high-profile local and international financial institutions – at 9 Dinh Tien Hoang Street, Da Kao Ward in District 1.The opening of the Cong Hoa Transaction Office within 477 square metres of ground floor space at the 3 Building, 364 Cong Hoa Street, Tan Binh District, will follow shortly after on 26 May.

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