The UOB Viet Nam has charter capital of VND3 trillion (US$131.3 million) and has permission to operate in country for 99 years.
On March 23 last year, the State Bank of Vietnam announced it had given preliminary approval for the UOB to set up in Viet Nam during a visit of Singaporean Prime Minister Lee Hsien Loong to the country. The bank received the in-principle licence in July the same year.
Apart from UOB Viet Nam, the eight other foreign banks in Viet Nam include, Standard Chartered (UK), Shinhan Vietnam (the Republic of Korea), Hong Leong Bank, CIMB, Public Bank Berhad (Malaysia) and CitiBank (US), HSBC (Hong Kong), ANZ (Australia).
It is the ninth foreign wholly-owned bank and the first Singaporean bank in the country.
By Vien Nhu