Too much conservatism is not a good thing for Singapore-centric UOB

It needs to beef up its overseas operations.

UOB's hesitance to expand into overseas market is impacting its growth prospects, according to a report from DBS Vickers.

Unlike its peers, UOB lacks a strong footprint in Greater China, while its core ASEAN expansion strategy is udner threat from challenging operating environmens in Malaysia and Indonesia.

“UOB is more Singapore-centric compared to peers with 53% and 44% of its loans and deposits being S$ based respectively. While this is not necessarily a weakness, it would remain a point of contention when peers are able to reap better contribution from overseas operations. We believe over time, regionalisation beyond ASEAN would need to improve to prompt a re-rating for the bank. In addition, a stronger traction in non-interest income away from loan-related activities could add a re-rating sentiment,” said the report.

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