UOB incorporates fully owned subsidiary bank in Vietnam

UOB is the first Singapore bank to open a foreign-owned subsidiary bank in Vietnam. 
It had been operating under a branch licence since July 1995, before incorporating the new subsidiary.
Wee Ee Cheong, UOB deputy chairman and chief executive officer, said: “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.
“Vietnam continues to be one of the fastest-growing economies in Southeast Asia and is a strategically important market for many businesses. Our investment into the local subsidiary will deepen our presence in Vietnam and ensure that we are well-equipped to support our regional clients as well as Vietnamese consumers and companies in meeting their financial needs for the long term.”