UOB gets regulatory nod to set up branches throughout Vietnam

The State Bank of Vietnam will issue UOB an in-principle approval for the licence by June.

With the licence, UOB will be able to expand its branch network beyond Ho Chi Minh City to extend financial support and offer products and service to consumers and businesses across the country.

UOB is the first Singapore bank to be granted a foreign-owned subsidiary bank licence.

Wee Ee Cheong, Deputy Chairman and CEO of UOB, said in its filing, "We were the first Singapore bank to open a foreign bank branch in Vietnam in 1995 and since then have maintained an unwavering commitment to the country. We look forward to continuing to work closely with the Vietnamese authorities and the local financial institutions to contribute to the development and progress of the country, its industry and its people.”

Wee said UOB is looking forward to helping more Vietnamese companies in their domestic growth and expansion plans and by connecting them to cross-border opportunities through the bank’s extensive regional network.

In 2013, UOB set up a dedicated FDI Advisory Unit in Vietnam. The bank also has dedicated FDI Advisory Unit teams in China, Hong Kong, India, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam.

UOB has also been promoting Vietnam as an investment destination, supporting its regional clients venturing into and expanding within the country.

Among the initiatives, UOB signed a memorandum of understanding in 2015 with Vietnam’s Foreign Investment Agency to facilitate trade and investment between Vietnam and Southeast Asia.