He adds that the bank was the first Singapore bank to establish a presence in the country in 1993. Back then, the bank had three employees compared to the over 1,400 employees and five branches that it has in Ho Chi Minh City and Hanoi. In July 2017, UOB became the first Singapore bank to receive an in-principle foreign-owned subsidiary bank (FOSB) licence from the State Bank of Vietnam. The FOSB licence allowed the bank to expand its network of branches beyond Ho Chi Minh City, enabling it to provide its products and financial solutions to businesses and consumers in other cities across Vietnam. UOB remains the only Singapore bank in the country to own the FOSB licence.
United Overseas Bank (UOB) is “committed” to Vietnam for the long term, says the bank’s deputy chairman and CEO Wee Ee Cheong.
“For more than 30 years, the UOB Group have remained steadfast in serving our clients in Vietnam,” says Wee, who spoke to the over 600 guests at the bank’s Gateway to Asean conference in Ho Chi Minh City, Vietnam on Sept 6. This is the third year that the bank has held this conference.
