United Overseas Bank Limited (UOB) has become the first Singaporean bank to open a foreign-owned subisdiary in Viet Nam.

On Monday in HMC City, UOB announced that it has incorporated United Overseas Bank (Vietnam) Limited.

Since 1995the bank had been operating with a branch licence.

Wee Ee Cheong, deputy chairman and chief executive officer, UOB, said: “The opening of our local subsidiary marks a new milestone for UOB in Viet Nam. Over the last 20 years, we have been steadfast in our commitment to Viet Nam’s economic growth as we connect our clients to investment opportunities in the country.

“Viet Nam continues to be one of the fastest-growing economies in Southeast Asia and is a strategically important market for many businesses. Our investment in the local subsidiary will deepen our presence in Viet Nam and ensure that we are well-equipped to support our regional clients as well as Vietnamese consumers and companies in meeting their long-term financial needs.”

During its time in Viet Nam, UOB has been involved in many community activities such as the UOB Student Loan 0 per cent interest rate programme for underprivileged college students and The annual UOB Heartbeat Run/Walk to raise funds for the region including Viet Nam.

UOB is a leading bank in Asia with a global network of more than 500 offices in 19 countries and territories in the Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions.

It is rated among the world’s top banks: Aa1 by Moody’s and AA- by Standard & Poor’s and Fitch Ratings.

In Asia, UOB operates through its head office in Singapore, banking subsidiaries in China, Indonesia, Malaysia, and Thailand and branches and representative offices across the region. — VNS