06:39 (GMT +7) - Monday 22/10/2018

Banking & Finance

UOB to debut in July

Released at: 08:15, 15/05/2018

UOB to debut in July

Photo: UOB Vietnam

UOB will be the ninth bank in Vietnam with 100 per cent foreign capital.

by Ngoc Lan

The Singapore-based United Overseas Bank (UOB) has received a business registration license and is scheduled to open on July 2.

Under the license, the bank will be able to expand its network in the country enabling UOB to extend financial support and offer best-in-class products and service to consumers and businesses beyond Ho Chi Minh City.

UOB Vietnam has a charter capital of VND3 trillion ($131.3 million) and has permission to operate in the country for 99 years.

This is the first Singaporean bank in Vietnam and is the ninth bank with 100 per cent foreign capital in Vietnam.

On March 23 last year, during Singaporean Prime Minister Lee Hsien Loong’s visit to the country,  the State Bank of Vietnam announced that it had given preliminary approval for UOB to set up in Vietnam. The bank received its in-principle license in July of the same year.

Previously, UOB had launched a business banking service dedicated to helping small businesses in Vietnam grow. This followed the State Bank of Vietnam’s licensing of UOB as a foreign-owned subsidiary bank on September 26, 2017.

The bank recently signed a memorandum of understanding (MoU) with Toong to provide UOB’s small and medium-sized enterprise (SME) customers with preferential rentals at any of Toong’s five co-working office spaces in Vietnam.

UOB customers will enjoy up to 20 per cent off rentals and have access to Toong’s business partners, including legal and accounting firms, who can advise them on issues such as local incorporation.

The bank has also partnered with the Foreign Trade University (FTU) to launch the finance industry’s first tertiary education program designed for small business bankers in Vietnam.

Aside from UOB Vietnam, the eight other foreign banks in Vietnam are Standard Chartered (UK), Shinhan Vietnam (the Republic of Korea), Hong Leong Bank, CIMB, Public Bank Berhad (Malaysia), CitiBank (US), HSBC (Hong Kong), ANZ (Australia).

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