HSBC licensed for dual currency deposit services

16/07/2008 -- 10:18 PM

Hanoi (VNA) - The Hongkong-Shanghai Banking Corporation (HSBC) on July 16 received a mandate to launch dual currency deposit (DCD) services to the market. Allowed the State Bank of Vietnam (SBV), the Hanoi and Ho Chi Minh branches of the HSBC will offer customers with DCD in two foreign currencies. It is a derivative instrument which combines a money market deposit with a currency option to provide a higher yield than that available for a standard deposit. The SBV said through the HSBC case, it expected to encourage commercial banks and financial businesses to apply additional services, thus reducing risks of the fluctuation of exchange rates, and diversify banking products so as to develop the monetary market.--Enditem
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