UOB injects $103m to double Vietnam capital since 2021

UOB is currently the only Singapore bank with a subsidiary in Vietnam.

UOB has announced plans to increase the charter capital of its Vietnam subsidiary to $520m, pending regulatory approval from the State Bank of Vietnam.

The additional $103.4m capital injection is the bank’s third since 2021 and will double UOB Vietnam’s charter capital from 2021 levels, making it the second-largest foreign-owned bank in Vietnam by charter capital.

UOB is currently the only Singapore bank with a subsidiary in Vietnam.

As part of its expansion, UOB will also invest in a new headquarters in the centre of Ho Chi Minh City’s business district.

The UOB Vietnam Plaza will house most of the bank’s 1,500 employees and will include sustainable design features and modern workspaces.

Upon completion, UOB will have local headquarters buildings in all five of its key ASEAN markets: Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

($1.00 = VND19,329)

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