The Singapore-based bank, which provides services including private banking, has officially opened an office in Vietnam.

United Overseas Bank (Vietnam) has officially opened its branch in Hanoi - the bank’s first since opening up in Ho Chi Minh City in Vietnam.

The expansion comes a year after the incorporation of UOB Vietnam as a foreign-owned subsidiary bank, a sign of how lenders are expanding into emerging countries in Southeast Asia.

The branch was opened by Her Excellency Ms Catherine Wong, Singapore's Ambassador to Vietnam, and Mr Wee Ee Cheong, deputy chairman and group chief executive of UOB. The ceremony was witnessed by Vietnamese government officials from the State Bank of Vietnam and the Ministry of Planning and Investment.

“We were the first Singapore bank to set up a representative office in Ho Chi Minh City in 1993 and since then, have continued to deepen our presence. 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,” Mr Wee Ee Cheong said.