The bank's first branch outside Ho Chi Minh City comes a year after the incorporation of UOB (Vietnam), the bank's Vietnam subsidiary.
United Overseas Bank (UOB) has announced the opening of its first branch in Vietnam's capital Hanoi, marking the bank's first foray out of Ho Chi Minh City, where it has operated a representative office since 1993.
«Our 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,» Wee Ee Cheong, UOB deputy chairman and chief executive, said about the milestone in a press statement.
UOB (Vietnam) CEO Harry Loh noted the significance of Hanoi as an «important gateway» for the country's fast-growing northern cities.
Close Vietnam Ties
UOB was the first Singapore bank to open a branch in Vietnam in 1995. In 2017, UOB received a foreign-owned subsidiary bank (FOSB) licence from State Bank of Vietnam, which enabled it to extend its branch network beyond Ho Chin Minh City and to offer its products and financial solutions to businesses and consumers located in other cities.
The bank said the new branch reflects UOB's «commitment to providing its financial services and solutions to more customers across the country.»
