UOB Plans VND10 Trillion Capital Boost For Vietnam Unit

United Overseas Bank (UOB) has announced plans to increase its charter capital for its Vietnam subsidiary to VND10 trillion (approximately $520 million), pending approval from the State Bank of Vietnam. This capital injection, which is the bank's third since 2021, will double UOB Vietnam's charter capital and solidify its position as the second-largest foreign-owned bank in the country. Additionally, UOB is set to invest in a new headquarters in Ho Chi Minh City's business district, which will accommodate most of its 1,500 employees and feature sustainable design elements. UOB's commitment to Vietnam is part of its broader ASEAN strategy, as it aims to deepen its presence in one of Southeast Asia's fastest-growing economies. The bank has a rich history in Vietnam, having established its presence in 1993 and becoming the first Singaporean bank with a branch there in 1995. UOB's long-term vision includes enhancing its digital banking capabilities to better serve retail and corporate clients in the region.