FINANCIAL SERVICES | Staff Reporter, Singapore

UOB to reduce reliance on Singapore

Nearly half or 40% of total group operating profit already comes outside Singapore.

UOB is aiming to grow its regional presence and reduce reliance on its Singapore operations in its bid to capture the opportunity arising from ASEAN.

Over 40% of the bank's total group operating profit is derived outside Singapore and close to 80% is derived from operations in ASEAN and Greater China. 

"We expect these numbers to go up as we strengthen our regional connectivity, collaborate in win-win partnerships to tap intra-regional flows and the region’s rising affluence for growth,” Wee Ee Cheong, UOB’s Deputy Chairman and CEO said during its annual Corporate Day.

Also read: UOB unveils subsidiary in Vietnam

“For example, in 2018 alone, we helped more than 500 companies realise their expansion ambitions across the region through UOB’s extensive network. This is set against rising cross-border revenue in Asia, with an expected market potential of around $40b in 2020,” he added. 

UOB earlier launched its digital bank, TMRW, in Thailand as part of its plans to scale up its regional customer base by as much as five million over the next five years. The bank will progressively launch TMRW across other ASEAN markets over the coming months. 

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