UOB Opens Hanoi Branch
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The bank’s first branch outside Ho Chi Minh City comes a year after the incorporation of UOB (Vietnam), the bank’s Vietnam subsidiary.
United Overseas Bank (UOB) has announced the opening of its first branch in Vietnam’s capital Hanoi, marking the bank’s first foray out of Ho Chi Minh City, where it has operated a representative office since 1993.
Our new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield, Wee Ee Cheong, UOB deputy chairman and chief executive, said about the milestone in a press statement.
UOB (Vietnam) CEO Harry Loh noted the significance of Hanoi as an important gateway for the country’s fast-growing northern cities.
UOB was the first Singapore bank to open a branch in Vietnam in 1995. In 2017, UOB received a foreign-owned subsidiary bank (FOSB) licence from State Bank of Vietnam, which enabled it to extend its branch network beyond Ho Chin Minh City and to offer its products and financial solutions to businesses and consumers located in other cities.
The bank said the new branch reflects UOB’s commitment to providing its financial services and solutions to more customers across the country.
Questions & Answers
Q.What is the primary reason UOB has opened a branch in Hanoi?
What is the primary reason UOB has opened a branch in Hanoi?
The new branch reflects UOB's confidence in Vietnam and its aim to serve more customers in both northern and southern regions. It also helps connect customers to opportunities within Vietnam and supports Vietnamese companies in ASEAN and beyond.
Q.When did UOB first establish a presence in Vietnam?
When did UOB first establish a presence in Vietnam?
UOB first established a presence in Vietnam by opening a representative office in Ho Chi Minh City in 1993. It was the first Singapore bank to open a branch in Vietnam in 1995.
Q.What enabled UOB to expand its branch network beyond Ho Chi Minh City?
What enabled UOB to expand its branch network beyond Ho Chi Minh City?
UOB received a foreign-owned subsidiary bank (FOSB) licence from the State Bank of Vietnam in 2017. This licence allowed the bank to extend its branch network and offer products to customers in other cities.