UOB To Expand Operations In Vietnam

KUALA LUMPUR, July 21 (Bernama) -- United Overseas Bank Ltd (UOB), the parent company of United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is expanding its support for businesses and consumers in Vietnam and its regional clients investing in the country. In a statement Friday, UOB Malaysia said UOB had received an in-principle foreign-owned subsidiary bank licence from the State Bank of Vietnam, enabling it to extend its branch network beyond Ho Chi Minh City and offer its products to businesses and consumers in other cities. UOB is the first Singapore bank to receive the in-principle licence. “UOB will also consider opening a branch in Hanoi, which is Vietnam’s gateway to fast-developing cities in the north such as Hai Phong, Quang Ninh and Hai Duong,” it said. UOB Deputy Chairman/Chief Executive Officer, Wee Ee Cheong said the in-principle licence marked the start of a new chapter for the group in Vietnam. “We look forward to assist our clients to realise their business potential in Vietnam, which is one of the fastest developing countries in Asia,” he said. The bank said Vietnam’s foreign direct investment (FDI) rose to a new record US$12.6 billion (US$1=RM4.29) in 2016, up 6.8 per cent from the previous year, adding that since 2013, UOB has facilitated more than US$3 billion of FDIs from Asia into Vietnam. -- BERNAMA