Saigon Thuong Tin Commercial Bank (Sacombank) and Credit Suisse Singapore Limited on Tuesday signed a memorandum of understanding to promote cooperation in banking services. Both parties agreed to establish a sustainable relationship to facilitate mutual support and enhance the efficiency of both institutions in Vietnam. Credit Suisse is committed to cooperating with Sacombank in various areas. This... 

HSBC said Wednesday it had sold its private banking business in Japan to Credit Suisse for $2.7 billion, as part of its broader restructuring to reduce costs and focus on growth. The sale is the latest in a string of transactions since HSBC announced massive cost-cutting measures earlier this year, including plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally. Europe’s largest... 

Swiss banking giant Credit Suisse plans to close its only bank branch in Taiwan amid the deepening eurozone debt crisis, reports said Thursday. The move entails shutting down the bank’s fixed-income operations but it will continue to offer brokerage services, said the state Central News Agency, citing Financial Supervisory Commission head Chen Yuh-chang. Chen was also quoted as saying that Credit... 

Vincom Joint Stock Co (VIC) has successfully raised $40 million from international market with the help of Credit Suisse AG’s Singapore as the arranger, said the company’s board of directors. The proceeds is planned to support Vincom’s working capital, which has been under pressure after the company spend some VND2.3 trillion ($111.8 million) to pay cash dividends for its shareholders and... 

Hoang Anh Gia Lai Corp. (HAGL) has added US$90 million to its investment and operation budget for 2011 and 2012 following its successful issuance of bonds at the Singapore Exchange Securities Trading Limited. Vo Truong Son, deputy general director of HAGL, told the Daily on the phone on Wednesday that the fresh capital raised from foreign investors would be used to finance hydropower generation and... 

While bank loan interest rates have become unbearable for many enterprises, and difficulties have existed that hinder enterprises to access capital from other channels, Vietnamese enterprises have not prepared well enough to call for capital on the international market – experts said at the Vietnam CFO Summit 2001, organized by Vietnam Report and VietNamNet on June 10. Businesses relying on banks... 

Scores of local banks are considering hiking foreign partner stake to raise charter capital. The Orient Commercial Joint Stock Bank (OCB) is looking for government approval to continue selling stocks to its foreign strategic partner France-based BNP Paribas in a bid to hike its charter capital from current VND2.6 trillion ($125.6 million) to VND3 trillion ($145 million) in 2011. BNP Paribas currently... 

Bank for Foreign Trade of Vietnam (Vietcombank) has named Credit Suisse as consultant to find foreign strategic investors as part of its expansion plan to spur capital by 40% from VND17.6 trillion to VND24.6 trillion this year. The country’s biggest State-turned-shareholding bank has plans to complete the recapitalization scheme in late 2011 or early 2012 by issuing 703.5 million shares, including... 

The HCM City Stock Exchange-listed Hoang Anh Gia Lai Group plans to issue $200 million worth international bonds next month at a coupon of “less than 10 per cent,” chairman Doan Nguyen Duc said. The money will be used to restructure the group’s short – and medium-term dong debts that carry much higher interest rates than dollar loans and fund some of its projects, including rubber... 

Japan’s industrial production posted its strongest rise in 11 months in December on improving global demand for the nation’s goods, data showed Monday, in a sign of recovery from a recent lull. Japan’s industrial output jumped 3.1 per cent in December from the previous month, marking a second straight monthly rise and beating forecasts of a 2.9 per cent rise. The Ministry of Economy,...