HSBC increases shareholding in Vietnamese insurance

Following regulatory and shareholder approvals, HSBC Insurance (Asia-Pacific) announced it has increased its shareholding in Bao Viet Holdings to 18% from 10% at a cost of Vnd1.88 trillion ($102 million).

HSBC acquired a 10% interest in Bao Viet, Vietnam’s leading insurance and financial services group, in September 2007. Under the terms of the original agreement, HSBC had an option to purchase a further 8% of Bao Viet’s shares from the ministry of finance (MoF).