22:45 (GMT +7) - Saturday 27/02/2021

Banking & Finance

UOB expands into Vietnam's north with Hanoi branch

Released at: 14:34, 22/08/2019

UOB expands into Vietnam's north with Hanoi branch

Photo: UOB Vietnam

Opening of branch reflects bank's long-term commitment to Vietnam.

by Hong Nhung

United Overseas Bank (Vietnam) Limited officially opened a branch in Hanoi on August 22, its first beyond Ho Chi Minh City. The opening comes a year after the incorporation of UOB Vietnam as a foreign-owned subsidiary bank and reflects its commitment to providing financial services and solutions to more customers in the country.

Approval for the branch came from the State Bank of Vietnam (SBV) last December.

“The opening of our Hanoi branch marks another milestone in UOB’s long-term commitment to Vietnam,” said Mr. Wee Ee Cheong, Deputy Chairman and Group CEO of UOB. “We were the first Singapore bank to set up a representative office, in Ho Chi Minh City in 1993, and since then have continued to deepen our presence.”

“This new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield.”

“As the first Singapore bank with a subsidiary in Vietnam, UOB is a strong example of a successful Singaporean organization expanding and investing in Vietnam,” said H.E. Catherine Wong, Ambassador of Singapore in Vietnam. “The bank has also supported many companies in their expansion into Vietnam, providing connectivity and facilitating investment flows in the country. With the two governments striving for a closer strategic partnership, UOB has played an important role in particular, helping drive greater economic cooperation.”

“Hanoi is an important gateway for businesses to tap into opportunities in Vietnam’s fast-growing cities in the north,” said Mr. Harry Loh, CEO of UOB Vietnam. “Our Hanoi branch complements our headquarters in Ho Chi Minh City in providing financial solutions that are essential to the different life and business stages of consumers and companies in Vietnam. Our presence here, backed by the seamless connectivity offered through the UOB Group’s regional network, ensures that we are well-positioned to help our customers realize their financial and business goals.”

UOB was the first Singaporean bank to receive in-principle approval to establish a foreign-owned subsidiary bank in Vietnam, in 2017, and officially announced the incorporation of its fully-owned subsidiary in August 2018.

User comment (0)

Send comment