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UOB gets preliminary nod to set up a foreign-owned subsidiary bank in Vietnam
UNITED Overseas Bank Limited (UOB) said on Thursday that it has received preliminary approval from the State Bank of Vietnam to establish a foreign-owned subsidiary bank in Vietnam.
The State Bank of Vietnam has said it would issue UOB an in-principle approval for the licence by June 2017.
Under the licence, UOB will be able to expand its branch network in Vietnam, and offer its services and products to consumers and businesses beyond Ho Chi Minh City.
The announcement was made on Thursday by the State Bank of Vietnam during an official visit to the country by Singapore's Prime Minister, Lee Hsien Loong.