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Home / Economy / Banking & Finance
Singapore’s UOB opens first branch in Hanoi
Minh An 15:32, 2019/08/22
Hanoi is an important gateway for businesses to tap opportunities in Vietnam’s fast-growing cities in the north.
United Overseas Bank (Vietnam) (UOB Vietnam) on August 22 officially opened its branch in Hanoi, making it the bank’s first beyond Ho Chi Minh City.
 
UOB officials and guests at the opening of the Hanoi branch.
UOB officials and guests at the opening of the Hanoi branch.
The expansion comes a year after UOB Vietnam became a foreign-owned subsidiary bank, reflecting the bank’s commitment to providing its financial services and solutions to more customers across the country.

“The opening of our Hanoi branch marks another milestone in UOB’s long-term commitment to Vietnam. We were the first Singapore bank to set up a representative office in Ho Chi Minh City in 1993 and since then, have continued to deepen our presence,” said Wee Ee Cheong, deputy chairman and group chief executive officer of UOB.  

“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. It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across ASEAN and further afield,” Wee added.

Singapore's Ambassador to Vietnam Catherine Wong said: “As the first Singapore bank with a subsidiary in Vietnam, UOB is a strong example of a successful Singapore organization expanding and investing into Vietnam. The bank has also supported many companies in their expansion into Vietnam, providing connectivity and facilitating investment flows into the country.

With both Vietnam’s and Singapore’s governments striving for a closer strategic partnership, UOB has played an important role in particular, to help drive greater economic collaboration between the two countries.”  

Explaining the opening of the Hanoi branch, Harry Loh, chief executive officer of UOB Vietnam, said Hanoi is an important gateway for businesses to tap opportunities in Vietnam’s fast-growing cities in the north. The branch complements UOB Vietnam’s headquarters in Ho Chi Minh City in providing financial solutions that are essential to the different life and business stages of consumers and companies here in Vietnam.

UOB Vietnam commenced operations on August 6, 2018. Before that, UOB established its presence in Vietnam with the opening of a representative office in 1993 and was the first Singapore bank to launch a branch in the country in 1995.
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