UOB has increased its charter capital of its Vietnam subsidiary to VND10trn (S$520m).

The capital injection into UOB Vietnam of VND2trn is currently under review by the State Bank of Vietnam.

The bank has made three capital injections into its wholly-owned Vietnam arm since 2021 and the latest move means its charter capital has doubled from 2021 levels.

In addition, it is now the second largest foreign-owned bank in the country in terms of charter capital.

Furthermore, UOB Group will also invest in a new headquarters building in the heart of Ho Chi Minh City’s business district. This building will house most of UOB Vietnam’s 1,500 employees and form the base for the Bank’s future business growth in one of Southeast Asia’s fastest-growing economies.

With the completion of the headquarters in Vietnam, UOB will have local headquarter buildings across all five of its key ASEAN markets – Singapore, Malaysia, Indonesia, Thailand and Vietnam.

Wee Ee Cheong, Deputy Chairman and CEO, UOB, said: “UOB has established the most extensive footprint in Southeast Asia, and we have been part of the ASEAN growth story. Vietnam is a key market in our ASEAN strategy, and we are dedicated to deepening our presence here for the long term. The upcoming UOB Plaza in Vietnam is more than just a building. It epitomises our long-term commitment to the country. Having our own headquarters buildings in all five of our key ASEAN markets underscores our confidence in this region and the steadfast support for our customers and the communities.”

UOB drops 2.92% at 10:22 am, Apr 11th.