Banking News

UOB chasing business off the Intelligent Island

(Singapore) - Singapore's biggest lender, United Overseas Bank (UOB), is chasing up to 40 percent of its total income from outside Singapore by 2010, primarily driven by acquisitions within the region. The Wee family, which retains a controlling stake in the Bank, has identified Taiwan and China as its primary targets in this strategy, looking to leverage its holding one of the world's largest overseas Chinese customer bases.

Currently, UOB is well positioned in Malaysia, but otherwise is only positioned with minor holdings in smaller Thai and Philippine banks.