The Singapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. It is the ninth foreign wholly-owned bank and the first Singaporean bank in the country.
The Singapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. (Photo: Bloomberg)
Hanoi (VNA) – TheSingapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. Itis the ninth foreign wholly-owned bank and the first Singaporean bank in thecountry.
The UOB Vietnam has chartercapital of 3 trillion VND (131.3 million USD) and has permission to operate inVietnam for 99 years.
On March 23 last year, the StateBank of Vietnam announced it had given preliminary approval for the UOB to setup in Vietnam during a visit of Singaporean Prime Minister Lee Hsien Loong to thecountry. The bank received the in-principle licence in July the same year.
Under the licence, the bank isable to expand its network in the country, enabling UOB to extend financialsupport and offer best-in-class products and service to consumers andbusinesses beyond HCM City.
UOB was founded in 1935. Sincethen, the bank has developed a global network of more than 500 offices in 19countries and territories in Asia Pacific, Europe and North America.
In 2013, UOB set up the FDIAdvisory Unit in Vietnam, its ninth unit in the region, to offer integratedservices to its clients expanding their businesses within the country andacross borders.
UOB has also been promoting Vietnam as an investment destination, supportingits regional clients venturing into and expanding within the country.
In 2015, UOB signed a Memorandum of Understanding with Vietnam’s ForeignInvestment Agency to facilitate trade and investment between Vietnam andSoutheast Asia.
Apart from UOB Vietnam, the eightother foreign banks in Vietnam include HSBC (Hong Kong), ANZ (Australia),Standard Chartered (UK), Shinhan Vietnam (the Republic of Korea), Hong LeongBank, CIMB, Public Bank Berhad (Malaysia) and CitiBank (US).-VNA
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The Singapore-based United Overseas Bank (UOB) will debut in Vietnam on July 2. (Photo: Bloomberg)
