UOB (United Overseas Bank)

[Temperament]

{UOB your Banking's Efficiency really sucks eggs at JB CITY SQ.}

If it can happen here, why can't it happens in other branches in Malaysia? Or even in Singapore?
Is good news (aka good service) travel faster or bad news (aka bad service)? By the time the whole world knows about it, bye bye baby to your money.

[greengiraffe]

PUBLISHED APRIL 18, 2014
Low China exposure makes UOB best S'pore bank stock
BYSIOW LI SEN
lisen@sph.com.sg @SiowLiSenBT

Singapore
UNITED Overseas Bank (UOB) has become the best-performing local bank stock. On Tuesday, it rose to a multi-year high of $22.23 as it has become a safe bet given it's low exposure to China.
The stock has since fallen slightly, and it closed yesterday at $22.07.
The all-time high was $24.20 on June 1, 2007.
Year to date, UOB is up 3.91 per cent, while DBS Group Holdings is down 1.17 per cent.
OCBC Bank is the worst performer of the three Singapore banks. Year to date, it's down 5.39 per cent, weighed down by the bank's need to raise capital to fund its $6.23 billion acquisition of Hong Kong's Wing Hang Bank announced on April 1.
Market players said UOB is benefiting from global funds buying Asia and the fact that it has the least exposure to China where growth has been slowing.
Institutional funds typically buy bank stocks which are regarded as proxies to the economy when they increase allocation to a country.
"UOB is everyone's safe bet," said one analyst.
"UOB grew the least (of its China exposure)," said Kenneth Ng, CIMB head of research yesterday.
In 2013, UOB's Greater China loans including Hong Kong of S$12.3 billion made up 6.8 per cent of group loans.
DBS' Greater China loans excluding Hong Kong of S$47 billion made up 19 per cent of total loans. OCBC's Greater China loans including Hong Kong of S$27.2 billion is 16 per cent of group loans.
In a February note post-Q4 2013 results, Mr Ng said for two of the three banks, the Greater China exposure is clearly rising, but both have explained that it is almost solely driven by short-term trade loans.
"If the intermittent newsflow of imploding China trust funds piles up negative sentiments on China, UOB will be deemed the most defensive, as it has the lowest Greater China exposure and a constant eye on liquidity."
China's National Bureau of Statistics said this week that the world's No 2 economy had expanded 7.4 per cent year on year in January-March.
The figure was lower than the 7.7 per cent seen in the final three months of last year and marks the fourth slowdown in the past five quarters, putting China on track for its worst annual performance since 1990.

[greengiraffe]

http://eresources.nlb.gov.sg/infopedia/a...02-06.html

Wee Cho Yaw




Wee Cho Yaw (b. 1928, Quemoy, Taiwan - ) is the chairman and former chief executive officer of United Overseas Bank. In 2011, Forbes magazine listed him as Singapore’s wealthiest individual with a net worth of S$5 billion. Wee and his family control substantial stakes in companies such as UOB, United Overseas Land (UOL), United Industrial Corporation (UIC) and Haw Par Corporation. Wee is also known for his many years of service in the business and Chinese communities.

Early life
Wee was born in Quemoy (also known as Kinmen), a group of islands off Taiwan. His mother was the second wife of Sarawak-based businessman Wee Kheng Chiang and in 1937, Wee and his family fled to Kuching in Malaya to escape the Sino-Japanese war. He lived with the family of his father’s first wife for about a year before moving to Singapore, where he attended Gong Shang Primary School and Chinese High.

His education was disrupted by the Japanese invasion of Singapore and Malaya, and Wee spent most of the Japanese Occupation with his family in Karimun in Indonesia. After the Japanese Occupation, Wee returned to Singapore and attended Chung Cheng High School. There he was involved in anti-colonial politics, and was investigated by the British authorities before his father then pulled him out of school.

Early career
In 1949, Wee started work at Kheng Leong, a business owned by his family that traded commodities such as rubber, pepper and sago flour. He stayed close to his father and learned the ways of business, taking on his millionaire father’s wide range of contacts and connections. In 1958, Wee became the youngest director on the board of United Chinese Bank (UCB), which his father had founded in 1935. He then spent several months attached to a British bank in London to study its operations, before returning to work in UCB.

United Chinese Bank
In 1960, Wee Kheng Chiang stepped down as managing director of UCB (while remaining as chairman), and Wee took over the post from 1 July. The bank had previously dealt only with local businesses, but Wee moved the bank into foreign exchange and international trade financing. In 1964 UCB applied to open a branch in Hong Kong, and was renamed United Overseas Bank (UOB) from January 1965 to avoid a clash of names with an existing bank there. By this time, Wee had grown the bank’s trade financing business more than a hundred-fold from before he took control of its operations. He had also raised its authorised capital and issued capital, grown its loans business and enlarged its assets nearly nine-fold.

Growth of UOB
Under Wee’s direction, UOB expanded its branch network in Singapore and internationally, and further diversified into the finance business, property, insurance, realty, trustee and executor services, lease financing and merchant banking. The bank went public in 1970, and Wee was appointed vice-chairman a year later. In June 1971, UOB acquired 49.8% of the Chung Khiaw Bank, and Wee made the newspaper headlines for sealing the deal for a bank that at the time had a larger asset base and a larger network of branches. The S$22 million deal saw UOB beat more than six rivals to the deal and doubled UOB’s size, creating the second largest banking group in Singapore and Malaysia. Wee later named the Chung Khiaw deal as one of his most important, as it marked UOB’s take-off into the wider Asian market.

In 1972, UOB was listed on the Hong Kong exchange and acquired Lee Wah Bank. Two years later, when his father retired as chairman of UOB, Wee was his successor. By the end of the 1970s, Wee was also chairman of Haw Par Brothers International and the Chinese newspaper Sin Chew Jit Poh, and sat on the boards of the Development Bank of Singapore (DBS), Sime Darby and Straits Steamship.

The UOB group continued to grow in the 1980s, acquiring Far Eastern Bank and the Industrial and Commercial Bank. Wee took UOB into stockbroking, fund management and futures trading, and acquired property including hotels and shopping malls. The Business Times named Wee Singapore’s Businessman of the Year for 1990 and again in 2001, and the ASEAN Business Forum named him its ASEAN Businessman of the Year in 1995.

While a critic of the government’s plan to liberalise Singapore’s banking sector and allow foreign banks more market access in the 1990s, Wee restructured UOB’s operations to meet the increased competition and to continue the bank’s expansion in the region.

In June 2001, UOB acquired the Overseas Union Bank (OUB) in a S$10 billion cash-and-shares deal. Wee was credited with a surer grasp of local business culture that allowed him to edge out the government-linked DBS, which also sought to acquire OUB. A day after DBS’s unsolicited bid for OUB, Wee visited OUB founder Lien Ying Chow and was able to convince the Lien family to sell their stakes to UOB. Wee later said in an interview that he would have bid for OUB regardless of Lien’s response, as the acquisition was vital to the survival of UOB.

Challenges and succession
In the mid-2000s, Wee faced a challenge to maintain his family’s control over various companies in the UOB group amid a restructuring of the companies’ interlocking shareholdings. This situation arose after the government mandated that banks would have to reduce their shareholdings in non-core businesses to stipulated levels. As companies such as United Overseas Land (UOL), Overseas Union Enterprise (OUE), United Industrial Corporation (UIC) and Haw Par Corporation held stakes in UOB and vice versa, the loss of any one would weaken the Wee family’s control of the group and even the core business of UOB. Wee however managed to fend off a bid for UOL from government investment company Temasek Holdings as well as maintain control of UIC, after Filipino billionaire John Gokongwei’s failed takeover attempt.

In November 2006, Wee received the inaugural Credit Suisse-Ernst & Young Lifetime Achievement Award for his pioneering work in Singapore’s financial industry. A newspaper report then named him the best paid local banking executive, with a renumeration of between S$9 million and S$9.25 million in 2006.

At UOB’s 65th annual meeting in April 2007, Wee stepped down as the bank’s chief executive officer and was succeeded by his eldest son Ee Cheong. He remained as chairman of UOB, which he had grown into Singapore’s largest bank by market capitalisation with more than 500 branches and offices in 18 countries.

Public service and work with community
In 1969, Wee was appointed to the Economic Development Board and the Currency Board, and as chairman of the Singapore Science Centre board the following year. He was also elected as president of the Singapore Chinese Chamber of Commerce (later Singapore Chinese Chamber of Commerce and Industry (SCCCI)) and served for two separate terms.

In 1974, Wee received the Bintang Masyarakat Bakti (Public Service Star), and became the first president of the Singapore Federation of Chambers of Commerce and Industry (SFCCI). The following year, he was head and spokesman of the ASEAN Chambers of Commerce and Industry. Wee also headed the Hokkien Huay Kuan (clan association) from 1972 to 2010, and was founding president of the Singapore Federation of Chinese Clan Associations (SFCCA), an umbrella group for 190 associations, from 1985 to 2010.

Wee had been appointed chairman of the Nanyang University council in 1970, and he led efforts to modernise the university by updating its curriculum and establishing English as its medium of instruction. After the government merged Nanyang with the University of Singapore in 1980, Wee was appointed to the council of the newly-formed National University of Singapore. In 2004, he became pro-chancellor of the Nanyang Technological University (NTU).

Wee was a prime mover in the formation of the Chinese Development Assistance Council (CDAC) in 1992 and became chairman of its board of trustees.

In February 2009, the Wee Foundation was set up with an initial S$30 million endowment from the Wee family. The charitable foundation focuses on education and welfare for the under-privileged, and also promotes the Chinese language and culture as well as social integration. In August 2011, Wee received the Darjah Utama Bakti Cemerlang (Distinguished Service Order) in recognition of his work with the SFCCA and as pro-chancellor of NTU.

Family
Wife: Chuang Yong Eng
Sons: Ee Cheong, Ee Chao, Ee Lim
Daughters: Wei Ling, Wei Chi



Author
Alvin Chua



References
Banker is elected president of Chinese Chamber. (1969, February 21). The Straits Times, p. 20. Retrieved December 21, 2011, from NewspaperSG.

Chan, D. (2004, May 6). UOL’s fate key to Wee Cho Yaw’s sprawling empire. The Straits Times, Asia, p. A16. Retrieved December 21, 2011, from NewspaperSG.

Chew, M. (1996). Leaders of Singapore, p. 219. Singapore: Resource Press.
(Call no.: 920.05957 CHE)

Chow, H. (2004, May 9). Wee the fighter. The Sunday Times, p. 12. Retrieved December 21, 2011, from NewspaperSG.

Chow, H. (2004, May 9). Tough, pragmatic style draws admiration…and flak. The Sunday Times, p. 12. Retrieved December 21, 2011, from NewspaperSG.

Cua, G. & Tay, A. (1991, January 21). There’s always room for growth – Wee Cho Yaw of United Overseas Bank. The Business Times. Retrieved December 21, 2011, from Factiva.

Goh, S. (1992). UOB chief Wee largest donor to self-help groups. The Straits Times, p. 3. Retrieved December 21, 2011, from NewspaperSG.

It’s always the next deal. (2002, May 13). The South China Morning Post. Retrieved December 21, 2011, from Factiva.

Johnson, B. (1971, June 19). Tycoon and the man with arm in a sling. The Straits Times, p. 1. Retrieved December 21, 2011, from NewspaperSG.

Kao, C. (1998, October 23). Who would read about me?. The Straits Times, p. 52. Retrieved December 21, 2011, from NewspaperSG.

Khoo, J. (1980, March 11). Wee gives 2 reasons for separate university. The Straits Times, p. 1. Retrieved December 21, 2011, from NewspaperSG.

Lee, B. (2007, April 6). Wee Cho Yaw at $9.25m is Singapore’s best paid banker. The Straits Times, p. 1. Retrieved December 21, 2011, from NewspaperSG.

Lee, J. (2011, August 9). UOB chief credits friends and supporters in community work. The Straits Times. Retrieved December 21, 2011, from Factiva.

Lee, H. S. (2003, February 8). Can Wee Cho Yaw pull off next project?. The Business Times. Retrieved December 21, 2011, from Factiva.

Lee, S. S. (2009, March 5). Wee Cho Yaw seizes the day. The Straits Times, Home, p. B17. Retrieved December 21, 2011, from NewspaperSG.

Leng, S. S. (2004, May 10). The challenge for UOB. The Edge. Retrieved December 21, 2011, from Factiva.

Lim, K. (2004, May 8). Rising to the UOL challenge. The Business Times. Retrieved December 21, 2011, from Factiva.

“Me, BOY, I’m a little surprised”. (1991, January 19). The Business Times. Retrieved December 21, 2011, from Factiva.

Ng, G. (2007, April 28). Wee Ee Cheong takes UOB reins. The Straits Times, Saturday, p. S32. Retrieved December 21, 2011, from NewspaperSG.

Paul, B. (2004, May 17). Will Wee Cho Yaw let go of UOL?. The Edge. Retrieved December 21, 2011, from Factiva.

Prystay, C. (2004, May 10). UOB Battle Revives Old Rivalry. The Asian Wall Street Journal. Retrieved December 21, 2011, from Factiva.

Quak, H. W. (2002, March 29). Wee Cho Yaw is Businessman of the Year. The Business Times. Retrieved December 21, 2011, from Factiva.

Raj, C. (2001, June 30). Lure of strong emotional attachments. The Business Times. Retrieved December 21, 2011, from Factiva.

Raj, C. (2007, April 28). Wee Cho Yaw passes UOB baton to son. The Business Times. Retrieved December 21, 2011, from Factiva.

Rashiwala, K. (1999, April 8). UOB chief wins out as HKR quits. The Straits Times, p. 58. Retrieved December 21, 2011, from NewspaperSG.

Siow, L. S. & Tay, A. (1999, February 11). UOB gears up to face the liberalisation era. The Business Times. Retrieved December 21, 2011, from Factiva.

Siow, L. S. (2010, June 1). A name synonymous with UOB. The Business Times. Retrieved December 21, 2011, from Factiva.

Tan, L. (2004, July 13). UOB stake may find its way back to bank or Wee family. The Straits Times, Asia, p. A18. Retrieved December 21, 2011, from NewspaperSG.

United Overseas Bank Group. (1985). Growing with Singapore. Singapore: Author.
(Call no.: RSING 332.12095957 GRO)

Wong, W. K. (2004, May 26). UOL move puts Wee one step ahead. The Business Times. Retrieved December 21, 2011, from Factiva.



The information in this article is valid as at 2012 and correct as far as we can ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the library for further reading materials on the topic.

Subject
Personalities>>Biographies>>Community Leaders
Wee Cho Yaw, 1928-
Bankers--Singapore--Biography
Banks and banking--Singapore
Business, finance and industry>>Finance>>Banking>>Commercial banks
All Rights Reserved. National Library Board Singapore 2012.

[greengiraffe]

UOB banks on organic growth, regional expansion
Published on Apr 25, 2014 1:20 AM


Chairman emeritus and adviser Wee Cho Yaw was re-elected to the board with 94.52 per cent of shareholders approving. -- ST PHOTO: KEVIN LIM

By Mok Fei Fei

WHILE its rivals are making headline-grabbing acquisitions, United Overseas Bank (UOB) is content to focus on organic growth for now.

Chief executive Wee Ee Cheong said yesterday the bank can still expand its share of markets it is already in, although he did not rule out deals altogether.

"We are always on the lookout, but it must be the right price, the right fit," said Mr Wee, who was talking to the media on the sidelines of the bank's annual general meeting yesterday.

"It's not that we have to buy to gain market share, because when you buy something, obviously you have to pay a premium."

The issue of acquisitions is looming large over the local banking sector, following recent deals unveiled by UOB's competitors.

OCBC announced earlier this month that it is buying Hong Kong's Wing Hang Bank for $6.23 billion while DBS struck a US$220 million (S$277 million) deal last month to take over Societe Generale's Asian private banking business.

UOB has yet to ink any major merger and acquisitions deal in recent memory.

Its last significant takeover was in 2001, when it trumped DBS to win the prized Overseas Union Bank in a blockbuster $10 billion deal.

Mr Wee told the 350 or so shareholders at yesterday's meeting at the Pan Pacific Hotel that the bank's regionalisation strategy is on track.

"Net interest income and fee income reached new highs. So did regional profit, which now contributes 39 per cent of our group earnings," he said.

The bank made a record full-year profit of $3.01 billion last year, the first time it had crossed $3 billion in earnings.

Mr Wee said the business environment could be more "moderate" this year, given the pullback in monetary stimulus measures by the United States Federal Reserve.

But he added that Asia, particularly South-east Asia where the bank has a firm footing, could continue to do well.

"We believe that overall, the risks are manageable, given the stronger balance sheets in Asia."

Mr Wee noted, in response to a shareholder's question about the bank's outlook for Thailand and Myanmar, that the bank is managing its business there cautiously. He added that Myanmar is attracting interest.

"Yes, Myanmar, I think we are still romancing. We like to be involved in a piece of the action.

"Why? Because our customers are going to Myanmar, so (in) banking (which is) a customer-flow business, we like to follow where our customers go, and this is something we are on the top of."

Yesterday's annual general meeting was the first chaired by Mr Hsieh Fu Hua, who took over when long-time chairman Wee Cho Yaw stepped down last year.

The elder Mr Wee is now a chairman emeritus and adviser to the board. He was re-elected to the board at the meeting with 94.52 per cent of shareholders approving the resolution.

Shareholders also approved resolutions to re-elect directors Wong Meng Meng (94.94 per cent) and Willie Cheng (99.05 per cent). Mr Hsieh had to call for order when some of those in attendance heckled a shareholder for taking too long to ask a question.

feimok@sph.com.sg

Background story

OPPORTUNITY

Yes, Myanmar, I think we are still romancing. We like to be involved in a piece of the action...Why? Because our customers are going to Myanmar, so (in) banking (which is) a customer-flow business, we like to follow where our customers go, and this is something we are on the top of.

- UOB chief executive Wee Ee Cheong, on Myanmar's investment prospect

[greengiraffe]

PUBLISHED MAY 22, 2014

UOB stock ahead of peers despite Thai exposure
Year to date, UOB is up nearly 6% while DBS and OCBC are down 0.5% and 5%

BYSIOW LI SEN
lisen@sph.com.sg

The banking trio: UOB has a significant presence in Thailand through its subsidiary with 155 branches, and Thailand contributed 4 per cent to its group profit before tax in 2013. DBS and OCBC have negligible exposure to Thailand. - PHOTO: REUTERS
DESPITE a near one per cent pullback in its share price yesterday, United Overseas Bank is still ahead of its Singapore banking peers in stock performance this year. This has left some analysts scratching their heads for a reason given UOB's exposure in Thailand where the political crisis has now led to martial law.
"We are watching the developments in Thailand very closely, and will continue to take a prudent approach to growth in the country," said Jimmy Koh, UOB group head of investor relations.
"In the long term, we remain confident of South- east Asia's potential as it is grounded in strong fundamentals and backed by the two mega trends of rising intra-regional trade and consumer affluence," he said.
UOB has a significant presence in Thailand through its subsidiary with 155 branches. Thailand contributed 4 per cent to group profit before tax in 2013.
DBS Group and Oversea-Chinese Banking Corporation (OCBC) have negligible exposure to Thailand.
UOB stock retreated 0.8 per cent yesterday to $22.45 but is still up nearly 6 per cent year to date.
DBS yesterday closed one per cent up at $17 while OCBC edged up 0.2 per cent to $9.70. Year to date, DBS and OCBC are still in negative territory, down 0.5 per cent and 5 per cent respectively.
One reason bandied around for UOB's performance is that the bank might split the stock - but that's been around for years and nobody takes it seriously, said a dealer.
"We don't comment on market rumours or speculation," said Tan Ping Ping, UOB's spokeswoman.
While many brokers have "buy" calls on UOB and DBS, some have become more cautious on UOB since its share price run-up over the past several months. OCBC is less of a favourite because of its acquisition of Hong Kong's Wing Hang Bank - to be funded by raising equity and debt.
"Honestly I can't understand why UOB has been outperforming since it has been giving the most bearish guidance versus its peers," said one analyst.
Following the release of first-quarter results early this month, analysts see UOB as a proxy for Asean, and are wary of the struggles that the bank itself has acknowledged. A deposits war has broken out in Indonesia and competition in Malaysia is heating up, said Kenneth Ng, CIMB analyst Kim Eng.
And this was before Tuesday's surprise imposition of martial law in Thailand.
Another analyst said: "Perhaps investors are weighing China risks (DBS, OCBC), acquisition risk (OCBC) more unfavourably than Asean risk and Singapore housing risk (UOB)."
UOB has the largest mortgage portfolio among the three local banks and the falling property prices will increase the risk to borrowers, especially if interest rates rise from current low levels, and if it's coupled with a rise in unemployment.
"Even if they can't fill or rent it out, they won't sell unless they lose their jobs," said the analyst. Singapore has a tight labour market; the seasonally adjusted unemployment rate rose to 2.1 per cent in March, from 1.8 per cent last December.
Of the three banks, UOB's lowest exposure to Greater China has been compared favourably given the slowing growth in the world's second largest economy.
DBS's loans to Greater China make up 19 per cent of total loans.
But UOB Kay Hian in a recent report of the three banks' overseas expansion said the China risks to DBS are "overly emphasised".
OCBC's Greater China loan exposure was 16 per cent of total loans in 2013.
UOB, which counts its loans based on where they are booked, has a 6.8 per cent loan exposure to Greater China.
One bank source said UOB's recent success in selling Basel III bonds indicates confidence in the bank's prudent capital management.
Last week, UOB sold its fourth Basel III bond at a competitive price.
The $500 million 12-year bonds, callable in 2020, with a coupon of 3.5 per cent, took in $1.25 billion orders. Insurers took up 40 per cent of the deal compared with 11 per cent for its first Basel III bond.
UOB priced the bonds at 25 basis points tighter than the initial guidance of 3.75 per cent, due to the strong demand.
For a bond to qualify as bank capital under the Basel III framework, it must be able to absorb losses - either through write-downs or conversion into common equity - in the event the issuing bank hits a "point of non-viability".
Basel III bonds were expected to be more expensive as investors would expect compensation for the loss absorption feature.

[kbl]

UOB Group First Half 2014 Earnings Rose 6% to S$1.60 billion

The Board has declared an interim cash dividend of 20 cents per ordinary share. The scrip dividend scheme will not be applied to the interim dividend.

http://infopub.sgx.com/FileOpen/2Q14News...eID=307606

<vested-oldpot><not a call to buy or sell>

[greengiraffe]

http://www.businesstimes.com.sg/premium/...s-20140801

PUBLISHED AUGUST 01, 2014
Bad home loans flow through to UOB NPLs
Bank cites some buyers of high-end properties
BYSIOW LI SEN
lisen@sph.com.sg @SiowLiSenBT

United Overseas Bank's non-performing loans (NPL) surged in the second quarter as payments by some high-end property buyers deteriorated - PHOTO: ST
[SINGAPORE] United Overseas Bank's non-performing loans (NPL) surged in the second quarter as payments by some high-end property buyers deteriorated.
Industry observers believe the situation could worsen as they do not expect significant improvement in the sluggish residential market over the next 12 months.
UOB said yesterday that NPL rose 11.2 per cent or S$232 million over the previous quarter to S$2.31 billion, and was up 7.3 per cent over a year ago.
But the NPL ratio was stable at 1.2 per cent in 2Q14, (1.1 per cent in Q1, 2014 and 1.2 per cent in Q2, 2013) as total loans rose to S$193 billion, up 11.7 per cent year-on-year and 2.4 per cent on quarter. The increase in NPLs was due to Singapore housing loans limited to a few accounts, and loans in Thailand and Indonesia, said Wee Ee Cheong, UOB chief executive at the bank's Q2 results briefing.

[freedom]

Chinese bank on hook for 4b yuan shadow banking default: paper



[SHANGHAI] An off-balance-sheet credit product default has left a small Chinese bank on the hook for 4 billion yuan (US$652.3 million), the latest default to hit the shadow banking sector, the official People's Daily said in a report on Friday.

The default comes amid a wave of reports in domestic media on Chinese banks and brokerages struggling to make payments on shadow banking products.

The popularity of off-balance-sheet products has exploded in recent years, with banks and trust firms marketing them as high-yielding alternatives to bank deposits, but analysts warn that the risk of defaults is rising as the world's second-largest economy slows.

Evergrowing Bank guaranteed the repayment of 3.7 billion yuan of principal and 300 million of interest payments under off-balance sheet products issued by one of its shareholders and an affiliated company, the paper, a mouthpiece of the Chinese Communist Party, said on its website. That sum accounts for 57.8 per cent of the lender's 2013 net profit, it added.



http://www.businesstimes.com.sg/breaking...r-20140912

UOB has more than 10% of Evergrowing Bank.

[greengiraffe]

http://www.businesstimes.com.sg/premium/...s-20140918

PUBLISHED SEPTEMBER 18, 2014
UOB beats its drums over China business
Plans to have more branches, expand retail network
BYJAMIE LEE
leejamie@sph.com.sg @JamieLeeBT

UNITED Overseas Bank (UOB) sounded a positive note over its business in China on Wednesday, with plans to boost the number of branches it operates there as well as to expand its retail network.
This comes as the bank's China unit has grown its revenue by at least 10 per cent every year for the past five years, and plans to at least maintain this pace of growth over the next five years.
"We are going to more than double the number of banking network from eight to 17 by end of the year, including one in Chongqing that will open this coming Friday, as well as one in Suzhou by end of the year," said Eric Lian, CEO of UOB (China). This will put the bank in 11 major cities across China, he added.
Over the past 12 months, UOB has increased its branch network by 30 per cent to 16 branches and sub-branches. This includes its sub-branch in the Shanghai Free Trade Zone, which opened in June.

[kbl]

Good The Morning everyone.

Congrats to UOB-UOB Awarded a Foreign Bank Licence by the Central Bank of Myanmar

http://infopub.sgx.com/FileOpen/UOB-A201...eID=316838

<vested-oldpot><not a call to buy or sell>