UOB is now one of the largest foreign-owned banks in Vietnam in terms of charter capital
Nguyen Hoa Binh, Vietnam’s Standing Deputy Prime Minister visited UOB on Jan 11 as part of his official visit to Singapore, where he met officials and industry leaders to discuss the development of the Vietnam International Financial Centre (IFC) that was announced last month.
At this visit to UOB, hosted by deputy chairman and CEO Wee Ee Cheong, the parties involved covered Vietnam’s vision for the IFC, policy priorities and opportunities for international financial institutions to participate in and support the development of Vietnam’s financial ecosystem.
More than three decades ago, UOB was the first Singapore bank to establish a presence in Vietnam, which the bank calls one of its “key regional markets”.
“Today, as a locally incorporated bank, UOB Vietnam provides a full suite of onshore banking solutions while leveraging our extensive ASEAN network to deliver offshore connectivity.
“This enables us to support Vietnamese enterprises as they expand regionally, multinational companies investing and operating in Vietnam, and international businesses entering the market,” says Wee.
UOB is building a new country headquarters in Ho Chi Minh City’s IFC area, which will house its growing local team of more than 1,500.
Last April, UOB announced plans to increase its charter capital of its Vietnam subsidiary to VND10 trillion ($520 million).
Prior to this, UOB has made three capital injections since 2021 into its wholly-owned subsidiary in Vietnam and is now one of the largest foreign-owned banks in the country in terms of charter capital.
UOB shares closed at $36.02 on Jan 9, up 0.028% for the day but down 2.12% in the past year.
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