Singapore bank UOB will inject 2 trillion dong ( US$77.48 million ) into its Vietnamese subsidiary, UOB Vietnam.

The injection, which is currently under review by the State Bank of Vietnam, once approved and completed, will bring the total charter capital of UOB Vietnam to 10 trillion dong.

UOB, the bank notes, has made three capital injections into its wholly-owned subsidiary in Vietnam since 2021. The latest injection means UOB Vietnam’s charter capital has doubled from its 2021 levels, and it is now the second-largest foreign-owned bank in the country in terms of charter capital.

Reaffirming its strong commitment to Vietnam, where UOB is the only Singapore bank with a subsidiary, UOB Group says it will also invest in a new headquarters building in the heart of Ho Chi Minh City’s business district.

This new building will house most of the subsidiary’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 headquarters buildings across all five of its key Association of Southeast Asian Nations ( Asean ) region markets – Singapore, Malaysia, Indonesia, Thailand and Vietnam.

“UOB has established the most extensive footprint in Southeast Asia, and we have been part of the Asean growth story,” says Wee Ee Cheong, the bank’s deputy chairman and CEO. “Vietnam is a key market in our Asean strategy.”