Singaporean lender United Overseas Bank (UOB) has bolstered its Vietnam footprint by setting up a branch in Hanoi.

The bank already operates a branch in Ho Chi Minh City.

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Commenting on the expansion, UOB CEO Wee Ee Cheong said: “Our new branch reflects our continued confidence in the country as we seek to serve more customers in both the northern and southern parts of Vietnam.

“It will enable us to connect customers to the opportunities that Vietnam offers and to support Vietnamese companies in seizing opportunities across Asean and further afield.”

UOB has been operating a branch in Vietnam since 1995.

In 2017, the bank obtained an in-principle foreign-owned subsidiary bank licence from Vietnam’s central bank.

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The licence enabled the bank’s expansion in Vietnam beyond Ho Chi Minh City.

Last August, the bank officially launched its Vietnam subsidiary, becoming the first Singapore bank to establish a foreign-owned subsidiary bank in Vietnam.

At the launch, Cheong said: “Vietnam continues to be one of the fastest-growing economies in Southeast Asia and is a strategically important market for many businesses.

“Our investment into the local subsidiary will deepen our presence in Vietnam and ensure that we are well-equipped to support our regional clients as well as Vietnamese consumers and companies in meeting their financial needs for the long term.”