United Overseas Bank Limited (UOB) today announced that it has incorporated United Overseas Bank (Vietnam) Limited, its fully-owned subsidiary in the country. UOB is the first Singapore bank to open a foreign-owned subsidiary bank in Vietnam. The Bank had been operating under a branch licence since 18 July 1995 before incorporating the new subsidiary.
To mark the launch of the subsidiary, the Bank held a gala dinner in Ho Chi Minh City for more than 300 guests, including representatives from the State Bank of Vietnam and the Ministry of Planning and Investment, and Singapore’s Ambassador to the Socialist Republic of Vietnam.
Mr Wee Ee Cheong, Deputy Chairman and Chief Executive Officer, UOB, said, “The opening of our local subsidiary marks a new milestone for UOB in Vietnam. Over the last 20 years, we have been steadfast in our commitment to support Vietnam’s economic growth as we connect our clients to investment opportunities in the country.