Together with the dollar price increasing on both, the official and black markets, the foreign currency conversion fees have also escalated. This explains why people do not want to use international payment cards when traveling abroad as encouraged by the State Bank of Vietnam. The Asia Commercial Bank ACB is now charging the foreign currency conversion fee of 6 percent, while it previously charged... 

HSBC announced on Wednesday that net profits surged 66 per cent to $5.22 billion during the third quarter on changes to the size of debt held by Europe’s biggest bank, but underlying earnings slumped. Profit after tax rocketed to $5.22 billion (3.79 billion euros) in the three months to September 30 compared with $3.15 billion in the third quarter of 2010, HSBC said in a statement. However underlying... 

Vietnam’s trade is forecast to rise by 7.26% this year and stay at the annualized growth of 8.3% over the next five years, according to HSBC’s report on trade released on Wednesday. HSBC’s quarterly report on the merchandise trade predicts Vietnam’s total trade volume will increase from the current US$108 billion to US$282 billion by 2025. Vietnam, Egypt, India, China and Indonesia will be... 

Banking giant HSBC said Wednesday it will slash up to 3,000 jobs in Hong Kong over the next three years, as part of its global cost-cutting drive as it shifts focus to fast-growing markets. The British-based lender last month announced plans to save up to $3.5 billion by 2013 and to axe 30,000 jobs globally by 2013. The Asia-focused bank has also said it will hire up to 15,000 people in emerging markets... 

Goldman Sachs Group Inc., Morgan Stanley and Deutsche Bank AG are among 13 financial institutions that submitted bids to advise Vietnam Joint Stock Commercial Bank for Industry & Trade on its planned $500 million overseas bond sale, according to Deputy General Director Le Duc Tho. Others that sent in bids include HSBC Holdings Plc, Standard Chartered Plc, Australia & New Zealand Banking Group... 

HSBC Vietnam is on the money. HSBC last week announced its 2011’s first half pre-tax profit in Vietnam soared 116 per cent, far exceeding the 70-90 per cent growth of a few leading Vietnamese lenders like Vietinbank and Eximbank and much higher than the average of 10.5 per cent of local banks. The profit stood at $82 million, including that of wholly foreign locally incorporated HSBC Bank Vietnam... 

HSBC Vietnam obtained US$82 million in pre-tax profit in the year’s first half, increasing 116% from the same period last year, the bank said on Tuesday. The profits also included earnings from its financial investments in Bao Viet Holdings and Techcombank. At this time, HSBC is holding a 20% stake in Techcombank and 18% stake in Bao Viet. HSBC did not reveal details on its profit structure. Sumit... 

British-based banking giant HSBC has announced it will sell 195 retail branches, primarily in upstate New York, to First Niagara Bank for an estimated $1 billion. “As part of its ongoing US strategic focus on commercial and corporate banking, HSBC Bank USA remains committed to serving and further developing corporate banking relationships in Upstate New York,” the company said in a statement. “HSBC... 

HSBC will slash more than 10,000 jobs as part of the global banking giant’s recently announced cost-cutting drive, a report said. Broadcaster Sky News said senior executives at the bank “are close to finalising costs cuts that will result in thousands of jobs being axed across the bank’s sprawling global empire.” The report on Wednesday said London-headquartered HSBC may chop... 

Japan’s Mizuho Corporate Bank is expected to buy an up to 20 per cent stake in Vietcombank, sources familiar with the matter told Reuters, in a deal worth more than $500 million, marking Vietnam’s largest-ever inbound acquisition. Foreign investment in Vietnam has seen an uptick of deals, with multi-national corporations, private equity and hedge funds scooping up stakes in companies,...