United Overseas Bank (UOB)

SGX's sustainability push helps secure win; DBS records highest shareholders' return

SINGAPORE (Sept 16): With an overall score of 40.41 points, the Singapore Exchange has emerged as the finance sector winner of The Edge Singapore’s Billion Dollar Club award. The stock exchange operator beat the three local banks — DBS Group Holdings, United Overseas Bank (UOB) and Oversea-Chinese Banking Corp (OCBC) — which came in at second, third and fourth places, respectively.

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UOB launches 'The Business Circle' to help next-generation leaders of family businesses fast track growth

SINGAPORE (Sept 11): United Overseas Bank (UOB) on Wednesday launched The Business Circle, an initiative to prepare the next generation leaders of Asia’s family-led firms to run their businesses.

This initiative is open to UOB’s clients, including young entrepreneurs who have built successful companies.

Recession fears a temporary setback, local banks should rise in long term

SINGAPORE (Sept 2): Looking beyond current global economic uncertainties, the fact remains that the stock market usually rises in the very long term. The local banks are a good example. Once proxies to GDP growth in Singapore and Malaysia, they now reflect growth in Asia as they gradually regionalise. Economies usually grow over the long term. The 30-year price charts (see Charts 1 to 3) of the three local banks show that their prices have risen over a 30-year period, despite the two occasions on which there were serious declines — during the Asian and global financial crises.

Singapore expects new digital banks to start by mid-2021

SINGAPORE (Aug 29): Singapore plans to award licenses for its new digital banking initiative by mid-2020, with successful applicants expected to start business a year later, its financial regulator said.

Applications must be submitted by the end of this year and the Monetary Authority of Singapore will assess them based on various criteria including growth prospects, it said in a presentation Thursday.

UOB expands footprint in Vietnam with opening of Hanoi branch

SINGAPORE (Aug 22): United Overseas Bank (Vietnam) officially opened its branch in Hanoi on Thursday, its first beyond Ho Chi Minh City.

The expansion comes a year after the incorporation of UOB Vietnam as a foreign-owned subsidiary bank.

See: UOB receives foreign-owned subsidiary bank licence in Vietnam

Banks as yield plays, with upside from earnings growth

SINGAPORE (Aug 12): Slowing global growth and uncertainties over the escalating trade war, tech supply chain, China and Hong Kong have all taken their toll on the share prices of the three local banks — DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank. Interestingly, both DBS and UOB are still ahead (see Table 1) in terms of price gains, and OCBC is unchanged since the start of the year. Of course, at one point, the banks had double-digit share-price gains, with DBS up 20% since Jan 2.

Onerous conditions for new digital bank licences enable local banks to forge ahead with digital plans

SINGAPORE (Aug 12): On June 28, the Monetary Authority of Singapore (MAS) announced that it would issue five new digital bank licences: two digital full-bank licences and three digital wholesale bank licences. Following the announcement, InstaReM, iFAST Capital and peer-to-peer (P2P) operator Validus Capital expressed interest in applying for the licences.

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Banking for TMRW: Head of UOB’s digital bank explains engagement, advocates, personetics

SINGAPORE (Aug 12): Digital banking and a digital bank are not quite the same, says Dennis Khoo, regional head of TMRW Digital Group at United Overseas Bank. Digital banking is part of an omni-channel strategy in which customers use the banking app as part of the products and services a bank offers. In the case of UOB, its banking app UOB Mighty provides customers with a bank on the phone.

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Banks as yield plays, with upside from earnings growth

SINGAPORE (Aug 12): Slowing global growth and uncertainties over the escalating trade war, tech supply chain, China and Hong Kong have all taken their toll on the share prices of the three local banks — DBS Group Holdings, Oversea-Chinese Banking Corp and United Overseas Bank. Interestingly, both DBS and UOB are still ahead (see Table 1) in terms of price gains, and OCBC is unchanged since the start of the year. Of course, at one point, the banks had double-digit share-price gains, with DBS up 20% since Jan 2.

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Five buys out of five as UOB continues to deliver steady growth amid uncertainties

SINGAPORE (Aug 6): United Overseas Bank reported 2Q19 earnings of $1.17 billion, 12% above Bloomberg forecast of $1.06 billion, led by resilient loan growth and strong trading income.

Net interest income for 2Q19 increased 7% y-o-y to $1.65 billion from strong loan growth. Net fee and commission income increased 6% to $527 million.

Total expenses increased 11% to $1.13 billion in line with operating income growth, while cost-to-income ratio was maintained at 43.7%.

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