UOB raises charter capital in Viet Nam

Tuesday, Sep 21, 2021 15:20

UOB headquarters in HCM City. — Photo courtesy of the bank

The United Overseas Bank (UOB) has increased its charter capital in Viet Nam from VND3 trillion (US$128.8 million) to VND5 trillion ($214.6 million), following approval from the State Bank of Viet Nam earlier this month.

“This fresh injection of capital demonstrates UOB’s commitment to deepening our presence in Viet Nam, and contributing to the country’s ongoing development," said Wee Ee Cheong, UOB Deputy Chairman and CEO.

"UOB Vietnam has grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53 per cent compounded annual growth rate in assets. This increased capital will allow us to continue supporting both new and existing customers in Viet Nam, through progressive solutions and the connectivity we can offer across UOB Group’s regional network,” he said.

UOB Vietnam is focused on meeting the financial needs of both individuals and corporations, through tailored financial solutions for both individuals and businesses.

The bank has also been promoting foreign investments into Vietnam. In November 2020, the Bank renewed its Memorandum of Understanding with the Foreign Investment Agency, stepping up its efforts to facilitate investment into a range of sectors, including renewable energy, manufacturing, infrastructure, healthcare and technology. To date, the bank has facilitated more than $2 billion (S$3 billion) in investments into Viet Nam, which has created more than 17,000 jobs so far.

Throughout the COVID-19 pandemic, UOB Vietnam has also been helping to support vulnerable communities. Initiatives include canned food donations to families affected by the current lockdowns in HCM City, and contributions to the national COVID Vaccine Fund under UOB's #UnitedForYou COVID-19 Relief Programme.

“The prolonged nature of the pandemic continues to impact lives and livelihoods. While we are not certain when we will overcome the pandemic, one thing that is certain is that UOB Vietnam remains committed to helping our customers, our colleagues and the wider community get through these hard times. Together, we will be resilient, manage risks and navigate changes, to emerge stronger,” Harry Loh, CEO of UOB Vietnam said. — VNS

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