UOB Vietnam, wholly owned by Singapore’s United Overseas Bank (UOB), has increased its charter capital by 60% to VND8 trillion ($329 million) through a capital injection from its parent bank.
Citigroup in retreat from retail banking 08:00 | 28/04/2021
Citigroup first established its consumer bank in this country in 2009. Photo: Le Toan
As part of the global financial services behemoth Citigroup, Citibank has exploited the substantial growth opportunities in Asia and built greater connectivity with its focused market strategy for decades.
However, Citibank earlier this month confirmed retreat from Asiaâs retail banking landscape in 13 markets. Citigroup established the consumer bank in Vietnam in 2009 and has been developing its momentum with a growing market share in key businesses of credit cards, personal loans, cash advance, and insurance.
The withdrawal comes on the heels of Citigroup reporting record quarterly profits, boosted by a flurry of blank-check companies that it helped to become public during the period, according to Bloomberg.
Citigroup to withdraw retail banking division from 13 markets, including Vietnam 20:57 | 16/04/2021
Citigroup â the parent firm of Citibank â has announced that it would withdraw its retail banking division from 13 markets in Asia, Europe, the Middle East, and Africa, including Vietnam.
Citigroup will exit its consumer franchises in Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.
The bank will instead operate its consumer-banking franchise in these regions from four wealth centres in Singapore, Hong Kong, the United Arab Emirates, and London, according to its announcement.
According to
Bloomberg, Citigroup will continue to provide financial services focusing on institutional clients, which houses the private bank, cash-management arm, and investment-banking and trading businesses.
Lenders request new debt guidance 10:00 | 28/01/2021
Credit institutions are hankering for detailed guidance on handling rescheduling debt groups to assist affected businesses and individuals due to the health crisis, which is expected to be unveiled soon by Vietnamâs central bank.
The State Bank of Vietnam is studying Circular 01 in order to provide further help to businesses. Photo: Le Toan
Nghiem Xuan Thanh, chairman of Vietcombankâs Board, said the bank recorded its non-performing loans (NPL) ratio at 0.61 per cent of its total outstanding loans â the lowest level among credit institutions and also the lowest in the bankâs history.
However, it and other lenders are looking forward to soon-to-be launched instructions from the State Bank of Vietnam (SBV) to deal with a prospective surge in bad debts stemming from the pandemic.