UOB Vietnam Bank increases its charter capital to VND 8,000 billion.

December 26, 2023 15:10 Nhat Linh Print article

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

UOB Vietnam Bank announced that it has increased its charter capital from VND 5,000 billion to VND 8,000 billion through a capital injection from its parent bank, UOB in Singapore. This increase in charter capital has been approved by the State Bank of Vietnam according to Official Letter No. 9150/NHNN-TTGSNH dated November 28, 2023.

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

UOB Việt Nam trở thành ngân hàng có vốn điều lệ lớn nhất Việt Nam

UOB Vietnam becomes the bank with the largest chartered capital in Vietnam.

According to UOB Vietnam, the increase in charter capital will help the bank accelerate its retail banking growth, expand its customer base, and increase market share. In addition, the capital increase will facilitate the acceleration of wholesale banking operations, supporting corporate clients throughout their supply chains to seize business opportunities and promote sustainable development goals.

Victor Ngo, General Director 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 our belief in the country’s immense potential.”

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

This strategic deal also enables the bank to offer a comprehensive suite of unsecured loan products to customers, including credit cards and personal unsecured loans, supplementing existing secured loans such as home loans and auto loans.

UOB Bank also stated that since signing the 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 Unit (FDIA) has supported more than 290 companies investing in Vietnam, contributing an estimated investment of approximately S$6.3 billion (equivalent to VND 113,866 billion).

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