HSBC has struck a deal to double its shareholding in Vietnam's Techcombank, as the world's third-biggest bank seeks to strengthen its position in newly emerging markets.

HSBC agreed to buy another 10 per cent in Techcombank for $71.5m (£36.3m), taking its total shareholding to 20 per cent. The deal is subject to the Vietnamese authorities raising the limit on shareholdings by foreign banks, which stands at 10 per cent.