(China) – Leading Singapore bank United Overseas Bank (UOB) has upgraded its Beijing representative office to operational branch status with operating funds valued at 100 million yuan (US$12.08 million).The new Beijing branch will provide foreign exchange services to foreign institutions, take deposits from the Chinese public, operate a local lending book and handle domestic and international settlement.
UOB has also launched branches in Guangzhou, Shanghai, Shanghai, Shenzen, and Xiamen and has a representative office in Chengdu.
UOB is also considering equity partnerships and co-operation with several mainland bank groups.