HSBC Insurance Asia-Pacific announced Thursday that it has signed an agreement to increase its shareholding in Bao Viet Holdings, Vietnam's largest insurance and financial services group, to 18% from 10% at a cost of about $105.3 million.
HSBC acquired a 10% interest in Bao Viet in September 2007 and, according to the original agreement, it had an option to purchase a further 8% of Bao Viet's shares from the Ministry of Finance MoF. The MoF recently gave formal consent for this option to be exercised through the issue of new Bao Viet shares to HSBC.
Our additional investment in Bao Viet reflects the successful partnership we have enjoyed over...
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