United Overseas Bank (SGX:U11) has drawn out plans to increase the charter capital of its Vietnam subsidiary to around SG$520 million, according to a report by the Singapore Business Review on Wednesday.
The bank is looking to inject around SG$103.4 million which will almost double the charter capital from 2021, the report said.
Under the new strategy, UOB will also invest in a new headquarters which will house a majority of the bank's workforce, the report added.
Shares of the bank were up nearly 8% in recent trading.
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