The HSBC Group is one of the largest banking and financial services organizations in the world. It has over 9,500 offices in 85 countries and territories, serving over 100 million customers.
HSBC is the largest foreign bank in Vietnam in terms of investment capital, network, product range, staff and customer base. In September 2008, HSBC became the first foreign bank to obtain official approval from the State Bank of Vietnam to set up a Wholly Foreign Owned Bank in Vietnam.
On 29 December 2005, HSBC acquired a 10% stake in Techcombank and has subsequently raised its stake to 20% in September 2008, becoming the first foreign bank in Vietnam to hold a 20% interest in a domestic bank. HSBC has two board seat and has seconded many of its professionals in senior positions at Techcombank.