United Overseas Bank (UOB) has announced a significant capital injection into its Vietnam subsidiary, increasing its charter capital to VND10t (S$520m ). The fresh injection of VND2 trillion is currently awaiting approval from the State Bank of Vietnam. This move will make UOB Vietnam the second largest foreign-owned bank in the country by charter capital.
The bank’s commitment to Vietnam extends beyond financial investment. UOB plans to establish a new headquarters in Ho Chi Minh City’s business district. The UOB Vietnam Plaza will be a modern, sustainable workspace designed to accommodate the bank’s 1,500 employees and support future business growth in the region. This development marks UOB’s presence with local headquarters in all five of its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.
Wee Ee Cheong, Deputy Chairman and CEO of UOB, stated, “Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country.”
UOB Vietnam, which began operations in 1993, has been expanding its services to meet the evolving needs of its customers. The bank is investing in digital technology and artificial intelligence to launch a new digital banking platform this year. Additionally, UOB Vietnam is focused on supporting corporate clients in advancing their sustainability goals.
The bank’s strategic moves in Vietnam are part of its broader ASEAN growth strategy, which includes the acquisition of Citigroup’s consumer banking businesses in the region. The integration of Vietnamese customers is expected to be completed by the end of the year.
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