Corporate digest

UOB

UNITED Overseas Bank Limited (UOB) on Wednesday received an in-principle foreign-owned subsidiary bank (FOSB) licence from the State Bank of Vietnam, making it the first Singapore bank to have received this licence. The bank said that this move will help it to be "better positioned to broaden and to deepen its support for businesses and consumers in Vietnam as well as its regional clients investing in the country".

The licence will enable it to extend its branch network beyond Ho Chi Minh City and offer its products and financial solutions to businesses and consumers located in other cities. UOB is also considering opening a branch in Hanoi. Since 2013, UOB has facilitated more than US$3 billion of foreign direct investment from Asia into Vietnam.