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SINGAPORE : UOB is planning to raise its stake in Vietnam's Southern Commercial Joint Stock Bank.
A UOB spokesperson told Channel NewAsia the lender wants to acquire another 10 percent interest in the bank, taking its shareholding to 20 percent.
UOB paid about S$44 million earlier this year for its initial 10 percent stake.
"This is the highest stake ratio a Singaporean bank can invest in a Vietnamese bank so far," the Vietnamese bank said on its website.
Under Vietnamese rules, foreign ownership in banks is capped at 30 percent, with any individual investor allowed to hold a maximum of only 10 percent.
UOB is reported to have applied for permission to make the additional investment. - CNA/ch
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