The SBV approves in principle the establishment of the wholly foreign-owned bank of UOB in Vietnam
28/07/2017 12:07
The Governor of the State Bank of Vietnam (SBV) issued Document No.5646/NHNN-TTGSNH dated July 19, 2017 to approve in principle the establishment of the wholly foreign-owned bank of United Overseas Bank Limited (UOB) in Vietnam.
Accordingly, after considering UOB Vietnam’s application, the SBV approved in principle the establishment and operation of the wholly foreign-owned bank in Vietnam of UOB. Concurrently, the SBV approved a list of board of members, members of the supervisory board and Chief Executive Officer of UOB Vietnam.
The SBV required UOB to complete legal dossiers and procedures in line with applicable laws and SBV’s instructions to submit SBV Governor for granting License of UOB Vietnam’s establishment and operation.
The SBV also issued Document No.5647/NHNN-TTGSNH dated July 19, 2017 to approve UOB in principle to establish an affiliated branch on the basis of being transferred (assets, debts and closing) the current foreign-bank branch of UOB in Hochiminh City right after UOB Vietnam is licensed./.
Source: sbv.gov.vn