United Overseas Bank (UOB) has incorporated its fully owned subsidiary in Vietnam, making it the first Singapore bank to open a foreign-owned subsidiary bank in the country.
UOB had been operating under a branch licence since July 18, 1995 before incorporating the new subsidiary, United Overseas Bank (Vietnam).
To mark the launch of the subsidiary, UOB held a gala dinner in Ho Chi Minh City for more than 300 guests, including representatives from the State Bank of Vietnam and the Ministry of Planning and Investment, and Singapore's Ambassador to Vietnam.
Mr Wee Ee Cheong, deputy chairman and chief executive officer of UOB, 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."
He added: "Vietnam continues to be one of the fastest-growing economies in South-east 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."
Shares in UOB closed at $27.13 yesterday, up 2 per cent.