UOB injects fresh capital worth 2t dong into Vietnam unit

UNITED Overseas Bank (UOB) has injected two trillion dong (S$118.9 million) worth of fresh capital into its Vietnam unit, raising its charter capital to five trillion dong from three trillion dong, the bank said in a press statement on Monday.

The capital injection, approved by the State Bank of Vietnam, is part of UOB's "long-term commitment to contributing to Vietnam's economic growth and to deepening its support of more customers".

Wee Ee Cheong, deputy chairman and chief executive officer of UOB, expects the injection will deepen UOB's presence in Vietnam and contribute to the country's ongoing development, while noting that UOB Vietnam has grown to achieve a 53 per cent compounded annual growth rate in assets since it became a wholly-owned subsidiary bank in 2018.

"The increased capital base will enable us to support existing and new customers in Vietnam through our progressive solutions and the connectivity we offer across UOB Group's regional network," he added.

Shares of UOB were up S$0.08 or 0.3 per cent at S$25.59 as at the midday break on Tuesday.