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Economic News

Last updated: Friday, September 21, 2018


First Singaporean Bank to Make Debut in VN

Posted: Monday, May 14, 2018

The Singapore-based United Overseas Bank (UOB) will debut in Viet Nam on July 2.

Under the licence, the bank is able to expand its network in the country, enabling UOB to extend financial support and offer best-in-class products and service to consumers and businesses beyond Ho Chi Minh City.

The UOB Viet Nam has charter capital of VND3 trillion (US$131.3 million) and has permission to operate in country for 99 years.

On March 23 last year, the State Bank of Vietnam announced it had given preliminary approval for the UOB to set up in Viet Nam during a visit of Singaporean Prime Minister Lee Hsien Loong to the country. The bank received the in-principle licence in July the same year.

Apart from UOB Viet Nam, the eight other foreign banks in Viet Nam include, Standard Chartered (UK), Shinhan Vietnam (the Republic of Korea), Hong Leong Bank, CIMB, Public Bank Berhad (Malaysia) and CitiBank (US), HSBC (Hong Kong), ANZ (Australia).

It is the ninth foreign wholly-owned bank and the first Singaporean bank in the country.


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