HSBC opens doors

The branch is situated inside Indochina Riverside Towers at 74 Bach Dang Street, Hai Chau district and will provide business banking products to enterprises.

Personal customers in Danang will be able to access customer financial services, including deposits and savings account transactions, loan products, international credit and debit cards, investment and insurance products, plus a wide range of counter services.

“Given Danang’s positioning as one of the country’s fastest-growing economic centres, as well as one of the most attractive hubs for foreign investment, we are looking forward to playing a role in this dynamic city's exciting business sector,” said Thomas Tobin, chief executive officer of HSBC Vietnam.

“In line with the group strategy of investing in emerging markets, we have the group’s full support as we expand our network in Vietnam in 2010, and we can now serve our corporate and retail customers in Danang with an enhanced banking experience and a comprehensive, easily accessible range of products and services.” Tobin added.

Danang is a key location in HSBC’s organic growth strategy as it has been designated by the central government to be the core city of the key economic zone in central Vietnam. The city is a hotbed of development, from upscale resorts and residential properties to industrial and commercial ventures.

HSBC Vietnam currently operates 12 outlets across the country with two flagship branches in Hanoi and Ho Chi Minh City, supported by seven transaction offices, as well as fully independent, full service branches in Binh Duong, Can Tho and Danang.

In the first year performance of a locally incorporated bank of 2009, HSBC Vietnam reportedly had pre-tax profit of VND1.0 trillion ($53.5 million), net operating income before loan impairment charges was VND2.4 trillion ($126.5 million) and return on shareholders’ equity was 19 per cent. Its total assets as of December 31 last year was around VND36 trillion ($1.9 billion). Of which, the bank is profitable in all business segments including commercial banking, global banking and markets, trade and supply chains and securities services.