UOB unveils subsidiary in Vietnam

It's the first Singapore bank to open a foreign-owned Vietnamese unit.

UOB has incorporated its fully-owned Vietnamese subsidiary United Overseas Bank (Vietnam) Limited in a first for the local banking industry, according to a press release.

Also read: UOB profit up 28% to $1.08b in Q2

Before incorporating the new subsidiary, the bank had been operating under a branch license since July 1995.

Vietnam represents a strategic market for UOB due to its status as one of the fastest growing economies in Southeast Asia, Wee Ee Cheong, deputy chairman and CEO of UOB said in a statement.

“The opening of our local subsidiary marks a new milestone for UOB in Vietnam. Over the last 20 years, we have been steadfast in our commitment to support Vietnam’s economic growth as we connect our clients to investment opportunities in the country,” he added.

Also read: UOB rolls out fully automated car loan application process

The bank is also launching a digital bank in key ASEAN markets as it steps up IT-related investments. UOB plans to digitise the entire banking process for its digital bank from the onboarding to serving everyday payment needs.

Also Read

Deutsche Bank injects €571m to support India growth plans

Krungthai Bank temporarily closes 4 branches due to floods

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit