UOB opens first Hanoi branch

United Overseas Bank (UOB) opened a branch in the Vietnamese capital Hanoi yesterday, its first in the country outside Ho Chi Minh City.

The expansion comes a year after the incorporation of UOB's fully owned subsidiary in Vietnam, the bank said in a statement.

The branch was opened by UOB chief executive and deputy chairman Wee Ee Cheong and Ms Catherine Wong, Singapore's Ambassador to Vietnam.

"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," said Mr Wee.

"It will enable us to connect customers to the opportunities that Vietnam offers, and to support Vietnamese companies in seizing opportunities across Asean and farther afield," he added.

UOB was the first Singapore bank to establish a branch in Vietnam when it set up shop there in 1995. It operated under a branch licence before the incorporation of UOB Vietnam in August last year.

Ms Wong said: "UOB's expansion in Vietnam also represents our evolving bilateral ties, as Singapore partners with Vietnam in its next phase of growth."

(From left) UOB Hanoi branch director Jason Yeo, Vietnam's Foreign Investment Agency deputy director Vu Van Chung, State Bank of Vietnam Hanoi director Nguyen Minh Tuan, UOB chief executive and deputy chairman Wee Ee Cheong, Singapore's Ambassador to Vietnam Catherine Wong, UOB group compliance head and UOB Vietnam chairman Victor Ngo and UOB Vietnam chief executive Harry Loh at the branch's opening yesterday. PHOTO: UNITED OVERSEAS BANK

A version of this article appeared in the print edition of The Straits Times on August 23, 2019, with the headline 'UOB opens first Hanoi branch'. Subscribe