UOB 'unfazed' by move for local incorporation of foreign banks

The MAS directive allow them up to 25 new outlets.

According to Maybank Kim Eng:

Unfazed by move to locally incorporate foreign banks. Management is unfazed by the move to locally incorporate foreign banks while allowing them up to 25 new outlets, which would take the number of outlets to 50 for Qualified Full Banks.

UOB has 75 branches in Singapore. As it stands, internet banking is pervasive in Singapore, while the cost of setting up new branches is prohibitive. Where we do see competition heating up, however, is in terms of deposit gathering, which could further pressure funding costs.

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