The United Overseas Bank Limited (UOB) has received preliminary approval from the State Bank of Vietnam to establish a foreign-owned subsidiary bank in the country.
HCM City (VNA) - The United OverseasBank Limited (UOB) has received preliminary approval from the State Bank ofVietnam to establish a foreign-owned subsidiary bank in the country.
It would become the first Singapore bank to begranted a foreign-owned subsidiary bank licence in Vietnam.
The announcement was made by the State Bank ofVietnam on March 23 during an official visit to the country by Singapore’sPrime Minister Lee Hsien Loong.
Wee Ee Cheong, deputy chairman and CEO of UOB,said: “We were the first Singapore bank to operate a foreign bank branch inVietnam in 1995. We look forward to continuing to work closely with theVietnamese authorities and the local financial institutions to contribute tothe development and progress of the country, its industry and its people.”
The State Bank of Vietnam has said it will issuean in-principle approval for the foreign-owned subsidiary bank licence by June2017.
Under the licence, the bank will be able toexpand its branch network in the country, thereby enabling UOB to extendfinancial support and offer best-in-class products and service to consumers andbusinesses beyond HCM City.
Cheong said that UOB would assist moreVietnamese enterprises in their domestic growth and expansion plans byconnecting them to cross-border opportunities through UOB’s extensive regionalnetwork.
In 2013, UOB set up the FDI Advisory Unit inVietnam, its ninth unit in the region, to offer integrated services to itsclients expanding their businesses within the country and across borders.
UOB has also been promoting Vietnam as aninvestment destination, supporting its regional clients venturing into andexpanding within the country.
In 2015, UOB signed a Memorandum ofUnderstanding with Vietnam’s Foreign Investment Agency to facilitate trade andinvestment between Vietnam and Southeast Asia. It was the agency’s first suchcollaboration with a bank.
Since its incorporation in 1935, UOB hasdeveloped a global network of more than 500 offices in 19 countries andterritories in Asia Pacific, Europe and North America.-VNA
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