Date 9 May 2018
Re: Transfer of assets and liabilities of United Overseas Bank Limited, Hochiminh City Branch (“UOB HCMC”) to United Overseas Bank (Vietnam) Limited (“UOBVN”)
With the establishment of United Overseas Bank (Vietnam) Limited, a 100% foreign invested subsidiary of UOB in Vietnam under the license issued by the State Bank of Vietnam (the “SBV”), and the in-principle approval of the SBV on the transfer of assets and liabilities from UOB HCMC to UOBVN, we hereby would like to inform you that all assets and liabilities of UOB HCMC will be officially transferred to UOBVN (the “Transfer”) 2 July 2018 (the “Transfer Completion Date”) upon our receipt of the SBV’s necessary approvals. Subsequently, UOB HCMC will then carry out the regulatory procedures to cease its operation.
The Transfer shall include but not limited to the transfer of business, assets, accounts, deposits, customer relationships, loans, banking facilities, security, contracts, agreements, banking products and services and liabilities from UOB HCMC to UOBVN. By this Transfer, any loans, banking facilities, banking products and services for which you (individually or jointly with any other person) are currently using or remain outstanding with UOB HCMC (the “Banking Products and Services”) will be transferred to UOBVN. UOBV shall assume all rights and obligations of UOB HCMC as though it were the original contracting party to relevant contracts or agreements with you, and UOB HCMC will be released from, and will cease to have any liabilities or responsibilities as to the Banking Products and Services transferred as from the Transfer Completion Date.
Details of the Notice of Transfer can be found here, which is also sent to you via registered mail or email and published at our Branch.
United Overseas Bank Limited, Hochiminh City Branch