March 23, 2017 / 4:23 AM / 8 months ago

Singapore's UOB gets nod to open 100-pct foreign-owned bank in Vietnam

HANOI, March 23 (Reuters) - United Overseas Bank Ltd on Thursday received an early approval to open a 100-percent foreign owned bank in Vietnam as part of Singapore Prime Minister Lee Hsien Loong’s visit to the country.

UOB’s bank in Vietnam, once established, will join eight other fully foreign-owned banks in Vietnam. It would still need a licence to formalise the process to open a fully-owned bank in the country. (Reporting by My Pham, writing by Mai Nguyen; Editing by Himani Sarkar)

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