Singapore bank approved to purchase 5% stake of Southern Bank

The State Bank of Vietnam has approved the purchase of 5% stake of the Phuong Nam (Southern) Commercial Joint Stock Bank by the United Oversea Bank (UOB) of Singapore, its foreign strategic shareholder.

The purchase will increase UOB's holding in Southern Bank to 15% from the current 10%.

Southern Bank was established in 1993 with an initial charter capital of VND 10 billion. The bank's current charter capital is over VND 1.4 trillion and total asset of over VND 18 trillion.

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