United Overseas Bank (UOB), a Singapore-based multinational banking organisation, announced the opening of its new branch in Hanoi, the capital city of Vietnam.

UOB earlier had only one branch in Vietnam, the one in Ho Chi Minh City, which was opened in 1995. Wee Ee Cheong, deputy chairman and chief executive of UOB stated that the bank intends to serve both the southern and the northern parts of Vietnam.

He further stated that the opening of the new branch reflects the confidence the bank has in the country. Opening of more branches will help both the country and its people. Widening its presence will help the bank create more opportunities for its customers and can assist Vietnam in seizing opportunities across the Asean region.

Harry Loh, CEO UOB Vietnam stated that Hanoi has geographical significance as it serves as a gateway for the country’s fast-growing northern cities.

The bank received a foreign-owned subsidiary bank (FOSB) licence from the State Bank of Vietnam in 2017, which enabled the bank to open branches in cities other than Ho Chi Minh.

The bank can now offer its services to consumers located in other cities of Vietnam.

The launching of United Overseas Bank’s new branch was marked by the holding of a gala dinner for more than three hundred guests in Ho Chi Minh City, by the bank officials. The function included representatives from the State Bank of Vietnam and the Ministry of Planning and Investment, and Singapore’s ambassador to Vietnam.

United Overseas Bank’s tie with Vietnam goes back to 1995. United Overseas was the first Singapore- based bank to open a branch in Vietnam.