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First wholly Singapore-owned bank to operate in Vietnam

Tran Thu
Friday,  Jul 21,2017,21:30 (GMT+7)
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First wholly Singapore-owned bank to operate in Vietnam

Tran Thu

PHOTO: UOB United Overseas Bank Limited (UOB) receives approval in principle to open a 100% Singapore-owned bank in Vietnam

HCMC – The State Bank of Vietnam (SBV) on July 19 gave approval in principle to United Overseas Bank Limited (UOB) to open the first 100% Singapore-owned bank in the country.

The central bank also approved UOB Vietnam’s board members, supervisors and general director.

UOB has to complete procedures according to the SBV's regulations and guidance to be considered and granted a license for formal incorporation and operation in Vietnam. 

In addition, the central bank permitted UOB Vietnam to set up a branch based on the HCMC branch of UOB right after being granted the license.

UOB on July 20 said that the wholly foreign-owned bank in Vietnam will help UOB support Vietnamese enterprises and consumers as well as its regional clients investing in Vietnam. The bank will also help many Vietnamese companies with business expansion through business advisory services and financial solutions such as cash management and project financing.

The Singaporean bank plans to extend its branch network beyond HCMC and considers a branch in Hanoi City.

UOB has facilitated more than US$3 billion of foreign direct investment from Asia into Vietnam since 2013. UOB’s regional clients have invested in industries such as construction, real estate, manufacturing and fast-moving consumer goods.

According to the central bank, eight wholly foreign-owned banks had been established and operated in Vietnam as of the end of 2016 including ANZ, HSBC, Hong Leong Vietnam, Shinhan Vietnam, Standard Chartered Vietnam, Public Bank Vietnam, CIMB Vietnam and Woori Vietnam.

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