Sumitomo buys 20 percent of Bao Viet’s stake from HSBC
(VOV) - Japan’s Sumitomo Life Insurance Company has decided to buy Bao Viet’s stake in the Vietnamese insurance market.
According to Sumitomo, the company will use a credit balance of 30 billion yen to buy 20 percent of Bao Viet’s shares held by the UK’s HSBC in the hope of achieving a higher growth rate in Vietnam to become the second largest Bao Viet shareholder.
HSBC has to sell its shares to Sumitomo due to the impact of the public debt crisis in Europe.