It's the first Singapore bank to open a foreign-owned Vietnamese unit.
UOB has incorporated its fully-owned Vietnamese subsidiary United Overseas Bank (Vietnam) Limited in a first for the local banking industry, according to a press release.
Also read: UOB profit up 28% to $1.08b in Q2
Before incorporating the new subsidiary, the bank had been operating under a branch license since July 1995.
Vietnam represents a strategic market for UOB due to its status as one of the fastest growing economies in Southeast Asia, Wee Ee Cheong, deputy chairman and CEO of UOB said in a statement.
“The opening of our local subsidiary marks a new milestone for UOB in Vietnam. Over the last 20 years, we have been steadfast in our commitment to support Vietnam’s economic growth as we connect our clients to investment opportunities in the country,” he added.
The bank is also launching a digital bank in key ASEAN markets as it steps up IT-related investments. UOB plans to digitise the entire banking process for its digital bank from the onboarding to serving everyday payment needs.
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