UOB receives in-principle licence for Vietnamese subsidiary

July 20, 2017 | 18:15

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Singapore's United Overseas Bank has received the in-principle licence from the State Bank in Vietnam to open a subsidiary in the country.

UOB is the first Singaporean bank to receive the licence for a foreign-owned subsidiary in Vietnam

The bank will become the first Singaporean financial institution to set up a 100-per-cent foreign owned entity in Vietnam. This licence would enable UOB to extend its branch network beyond Ho Chi Minh City and offer its financial services to businesses and consumers in other cities.

The Singaporean bank considers setting up a branch in Hanoi, which is Vietnam’s gateway to fast-developing cities in the northern region, such as Haiphong, Quang Ninh and Hai Duong.

Wee Ee Cheong, deputy chairman and CEO of UOB, said that the in-principle licence marks the start of a new chapter for the bank in Vietnam.

"We have had a longstanding presence in Vietnam and given our regional network, have over the past
two decades helped our clients across Asia to identify and to invest in business opportunities in the
country” Wee said.

He added that with the in-principle licence, UOB looks forward to helping clients do business in Vietnam, one of the fastest developing countries in Asia.

The bank also promises to support Vietnamese companies by connecting them to cross-border opportunities throughout extensive network.

Business advisory services and financial solutions such as trade finance, cash management and project financing will also be made available to Vietnamese corporate clients.