United Overseas Bank (UOB) will inject VND2 trillion ($103.9 million) worth of fresh capital into its Vietnamese subsidiary UOB Vietnam, according to a release dated Apr 8.
This capital injection is currently under review by the State Bank of Vietnam. Upon approval, this will bring the total charter capital of UOB into Vietnam to VND10 trillion.
The bank said that it has made three capital injections into UOB Vietnam since 2021. It will be investing in a new headquarter building in Ho Chi Minh’s business district, which will house most of its 1,500 UOB Vietnam employees.
The bank first announced the acquisition of Citigroup’s consumer banking business in Indonesia, Malaysia, Thailand and Vietnam.
Today, UOB has five branches in Ho Chi Minh and Hanoi. It expects to complete the integration of Vietnamese customers by this year.
Shares in UOB closed $1.10 lower or 3.310% down at $32.13 on Apr 8.
