(UOB) has received preliminary approval from the State Bank of Việt Nam to establish a foreign-owned subsidiary bank in the country. — Photo thoibaonganhangHCM CITY — United Overseas Bank Limited (UOB) has received preliminary approval from the State Bank of Việt Nam to establish a foreign-owned subsidiary bank in the country. It would become the first Singapore bank to be granted a foreign-owned subsidiary bank licence in Việt Nam. Wee Ee Cheong, deputy chairman and CEO of UOB, said: “We were the first Singapore bank to operate a foreign bank branch in Việt Nam in 1995. In 2015, UOB signed a Memorandum of Understanding with Việt Nam’s Foreign Investment Agency to facilitate trade and investment between Việt Nam and Southeast Asia.

Source: Viet Nam News March 25, 2017 01:52 UTC