UOB Doubles Down on Vietnam With New Capital, HQ
Singapore-based UOB is boosting its commitment to Vietnam with a fresh capital injection and new headquarters.
UOB will increase the charter capital of its Vietnam subsidiary to 10 trillion Vietnamese dong ($385 million), according to a statement, a move which is currently under review by the State Bank of Vietnam. This marks an injection of 2 trillion dong making UOB the second largest foreign-owned lender in the country by charter capital, behind South Korea’s Woori Bank.
In addition, UOB will also invest in a new headquarters building in Ho Chi Minh City’s business district which will house most of its 1,500 employees in Vietnam.
32-Year History
UOB Vietnam began operations by setting up a representative office in 1993 before becoming the first Singapore bank to set up a branch in Ho Chi Minh City in 1995. In 2002, it announced the acquisition of Citigroup’s consumer banking businesses in four Southeast Asian nations, including Vietnam. The integration of Citi’s former Vietnam clients is expected to be completed by this year.
Today, UOB Vietnam has five branches in Ho Chi Minh City and Hanoi.
«Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomizes our long-term commitment to the country,» commented Wee Ee Cheong, UOB’s deputy chairman and CEO.
