UOB injects $88m in fresh capital for Vietnam charter

The capital injection was approved by the State Bank of Vietnam.

UOB has injected $88m (2t Vietnamese dong) of fresh capital in its Vietnam unit, increasing its charter capital from VND3t to VND5t.

The capital injection, which was 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”.

According to the deputy chairman and chief executive officer Wee Ee Cheong, the injection of the fresh capital demonstrates UOB’s commitment to deepening its presence in Vietnam and contributing to the country’s ongoing development.

“We have grown from a representative office in 1993 to a wholly-owned subsidiary bank in 2018. Over the last three years, UOB Vietnam has grown steadily and achieved a 53%t compounded annual growth rate in assets. 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.