Strategy & Practice Management

Vietnam gives UOB approval to open fully foreign-owned bank

United Overseas Bank has received initial approval to open a 100% foreign-owned bank in Vietnam.

The State Bank of Vietnam said it would issue the Singapore-based institution an in-principle approval for the licence by June 2017.

UOB will then be able to expand its branch network in the country, and offer its services and products to consumers and businesses beyond Ho Chi Minh City.

At the moment, there are eight other fully foreign-owned banks in Vietnam.