UOB Vietnam Bank increases charter capital to VND8,000 billion

12/26/2023 15:10 Nhat Linh Print article

ANTD.VN - The second capital injection in the past 3 years has increased the charter capital of UOB Vietnam Bank by 60%, to 8,000 billion VND, becoming the foreign bank with the largest charter capital in Vietnam.

UOB Vietnam Bank announced that it has increased its charter capital from VND5,000 billion to VND8,000 billion through capital injection from its parent bank UOB in Singapore. This charter capital increase has been approved by the State Bank of Vietnam under Official Dispatch No. 9150/NHNN-TTGSNH dated November 28, 2023.

This is the second charter capital increase of UOB Vietnam in the past 3 years. This capital increase also makes UOB become the foreign bank with the largest charter capital in Vietnam, surpassing Woori Bank Vietnam Limited (VND 7,700 billion) and HSBC Vietnam (VND 7,528 billion).

UOB Vietnam becomes the bank with the largest charter capital in Vietnam

According to UOB Vietnam, the capital increase will help the Bank accelerate its growth in the retail segment, expand its customer base and increase market share. In addition, the capital increase will also facilitate the promotion of wholesale business activities, supporting corporate customers throughout their supply chains to capture business opportunities as well as promote sustainable development goals.

Mr. Victor Ngo, CEO of UOB Vietnam, said: “Vietnam is a strategic market for UOB in ASEAN. The decision to increase capital is a testament to our long-term commitment to Vietnam’s prosperity and belief in the country’s great potential.”

Previously, in March this year, UOB completed the acquisition of Citigroup's retail banking business in Vietnam, thereby doubling the Bank's loan and deposit balance and tripling its retail customer base.

This strategic transaction also enables the Bank to offer a comprehensive suite of unsecured lending products to customers, including credit cards and personal unsecured loans, complementing its existing secured lending offerings such as home loans and auto loans.

UOB also said that since signing a Memorandum of Understanding (MOU) with the Foreign Investment Agency, Ministry of Planning and Investment of Vietnam in April 2015, UOB's Foreign Direct Investment Advisory (FDIA) unit has supported more than 290 companies to invest in Vietnam, contributing an estimated investment of about S$6.3 billion (equivalent to VND113,866 billion).

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