• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Mortgages
    • Taxation
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Advertise with us
  • Events
  • Middle East Hub
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Events
    • Upcoming events
      View all events
  • Middle East Hub
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Banking

Major Dubai, Singapore banks expanding into new markets

Major Dubai, Singapore banks expanding into new markets
  • Helen Burggraf
  • 27 July 2017
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

The Dubai Islamic Bank has revealed plans to expand in East Africa, once it settles into its new base in Kenya, where it obtained regulatory permission to operate in May, as Singapore’s UOB has just become the first Singapore bank to be granted a licence to operate as a foreign owned subsidiary bank in Vietnam.

News of the two banks’ expansion plans emerged over the last few days, and comes as the global banking sector continues to undergo major shifts.

Related articles

  • Philippines revitalises Islamic banking to boost financial inclusion
  • Crypto giant Ripple opens office in Dubai
  • Bank of India shuts down operations in Jersey
  • Bank of Singapore to open branch in DIFC, to cater for Gulf HNWIs

The Dubai Islamic Bank’s plans for East Africa were revealed last week in comments by the Dubai-based bank’s chairman, Mohammed Ibrahim Al Shaibani, who was quoted as saying that DIB  would look to solidify its foundations in the East African Islamic banking sector once it was up and running in Kenya.

The bank had been granted  permission to enter the market in May by the Central Bank of Kenya, which according to published reports, had used the new entry to highlight Kenya’s growing status as a “premier regional financial services hub”.

DIB will be Kenya’s third full-fledged Islamic institution, joining the Gulf African Bank and First Community Bank, although there is takaful Islamic insurance firm, a Shari’ah-compliant mutual fund and two cooperatives, and five conventional lenders offer Shari’ah-compliant services in the county, a report on the IBSIntelligence.com website noted.

‘First foreign-owned subsidiary
bank licence in Vietnam’

Around the same time DIB was making its announcement about its plans for Kenya but a few thousand miles to the east, meanwhile, Singapore-based United Overseas Bank Ltd unveiled its plans to expand into Vietnam, as part of its strategy of looking to “broaden and to deepen its support for businesses and consumers in Vietnam, as well as its regional clients investing in the country”.

The so-called foreign-owned subsidiary bank (FOSB) licence in Vietnam will, UOB said, enable it to extend its branch network beyond Ho Chi Minh City, as well as to be able to offer its financial products and services to businesses and consumers located in other cities in the region.

It said it would “also consider opening a branch in Hanoi, which is Vietnam’s gateway to fast-developing cities in the north, such as Hai Phong, Quang Ninh and Hai Duong”.

In a statement announcing the new in-principle licence, UOB noted that Vietnam was “an attractive investment destination for many businesses”, and that foreign direct investment inflows to the country rose to a record US$12.6bn in 2016, up 6.8% from the previous year. .

In the same  statement, UOB deputy chairman and chief executive Wee Ee Cheong said that being granted the in-principle licence marked the start of a new chapter for UOB in Vietnam, where the bank has had a “longstanding presence” for some time.

“With the in-principle FOSB licence, we look forward to helping our clients realise the business potential in Vietnam, which is one of the fastest developing countries in Asia,” he added.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Banking
  • Wealth management
  • Africa
  • Asia
  • Middle East
  • Kenya
  • Vietnam

More on Banking

UK watchdog warns advisers about charging models

  • Regulation
  • 29 November 2019
Deutsche Bank sells bad securities to Goldman Sachs amid overhaul

  • Banking
  • 29 November 2019
HSBC to use blockchain to track $20bn in private assets

  • Fintech
  • 28 November 2019
Financial advice provides '£47k wealth uplift' over a decade

  • Wealth management
  • 28 November 2019
HSBC Singapore targets salaried millionaires with new offering

  • Banking
  • 28 November 2019
Back to Top

Most read

EXCLUSIVE: deVere agrees sale of South Africa business
EXCLUSIVE: deVere agrees sale of South Africa business
US FATCA crackdown pushing demand for tax advice
US FATCA crackdown pushing demand for tax advice
Kuwait to ban diabetic expats
Kuwait to ban diabetic expats
DeVere to close Barcelona office
DeVere to close Barcelona office
Cayman National Bank IOM confirms customer account details stolen in hack
Cayman National Bank IOM confirms customer account details stolen in hack
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017