United Overseas Bank (UOB)

Singapore banks top customer satisfaction in Asian transaction banking

SINGAPORE (June 25): The primary transaction banking customers of United Overseas Bank (UOB) are most satisfied with the bank’s liquidity management solutions in Asia, according to East and Partners’ latest research.

On a satisfaction scale of 1 to 5, where 1 is most satisfied and 5 most dissatisfied, UOB got the highest score of 1.70, ahead of Standard Chartered (1.75), OCBC (1.78) and DBS (1.80).

CapBridge and UOB in deal to provide firms in Asia with access to private capital

SINGAPORE (June 24): High-growth private companies in Asia can now tap private capital as an alternate form of funding.

The global private capital platform CapBridge and United Overseas Bank (UOB) have signed a deal to offer a range of private capital solutions such companies in Singapore as well as the bank’s key markets of China, Hong Kong, Indonesia, Malaysia, Thailand and Vietnam.

Through its investment syndication platform, CapBridge will match UOB’s clients with anchor investors and accredited co-investors as a source of funding.

UOB upgraded to 'buy' as price rally continues

SINGAPORE (June 21): OCBC Investment Research is upgrading United Overseas Bank (UOB) to “buy” amid a share price rally that has seen shares in UOB surge by some 12% so far this month.

And the bank is poised to extend a price streak that is now heading into its 11th day.

UOB’s shares have rallied for 10 straight days, gaining over 9% from $23.96 on June 6 to close at $26.22 on June 20. As at 1pm on Friday, shares in UOB continues to ride on the momentum, trading 0.3% higher at $26.31.

Virtual banks not a threat to Singapore banks – for now, says CGS-CIMB

SINGAPORE (June 20): The Monetary Authority of Singapore (MAS) is studying the potential for opening the doors to “digital-only banks with non-bank parentage”.

But CGS-CIMB Research dismisses fears that such virtual banks on could put a dent in the market share of incumbents DBS Group Holdings (DBS), Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) – at least for now.

“We think that virtual banks are not likely to threaten the primary lending businesses of DBS, OCBC and UOB in the near term,” says lead analyst Andrea Choong in a report on Wednesday.

Maybank picks UOB and DBS as banks respond to dips with buybacks

SINGAPORE (June 17): Singapore banks have accelerated their share buyback programmes after being de-rated 12% since their peak in April due.

The de-rating was due to profit-taking, slowing Singapore economic growth and escalating US-China trade tensions.

“We believe this is an indicator of emerging value,” says analyst Thilan Wickramasinghe in a Friday report.

Following its recent correction, the sector is trading at a 17% FY19E P/E discount to its Asean banking peers. Yet, the banks are offering 149bp higher dividend yields.

Grab eyes Singapore banking licence as regulator studies virtual banks

(June 12): Grab, Southeast Asia’s most valuable startup, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said.

Grab is close to hiring a consultancy to advise it on its banking potential and is gearing up to apply for a digital-only bank license in Singapore if the banking regulator decides to open up the sector, said the people, who declined to be identified as they were not authorised to speak to the media.

CGS-CIMB keeps UOB as top bank sector pick despite underperforming NIM expansion

SINGAPORE (June 3): CGS-CIMB Research is keeping United Overseas Bank (UOB) as its top pick among the Singapore banks, despite the bank’s NIM expansion underperforming compared to its peers.

According to lead analyst Andrea Choong, UOB’s valuations are inexpensive at 1.0 times FY19F price-to-book value (P/BV) – close to 1 standard deviation below its long-term mean. The bank also offers a FY19F dividend yield of 5.1%.

UOB chief says 'why not' let an outsider succeed him

SINGAPORE (May 31): United Overseas Bank’s chief executive officer said he is comfortable going outside his family for a successor to run the lender his grandfather founded more than eight decades ago.

"I will always, as I said, take in people with the right values," Wee Ee Cheong, 66, who took the reins from his father in 2007, said in an interview. "If they can do the job, why not?"

New UOB-Mastercard partnership targets SMEs with free golf club access, hotel & dining perks

SINGAPORE (May 28): United Overseas Bank (UOB) and Mastercard today announced the launch of the UOB Regal Business Metal Card, the region’s first World Elite Mastercard metal card for small- and medium-sized enterprises (SMEs).

UOB continues regionalisation and digitalisation, adding new markets; remains mindful of costs and capital

SINGAPORE (May 27): Over the past 20 years, United Overseas Bank has gradually built up a regional presence, differentiating it from DBS Group Holdings and, to a much lesser extent, Oversea-Chinese Banking Corp. DBS’s presence is mainly in Singapore and Hong Kong. OCBC’s focus is on the flow business between North Asia and Southeast Asia, and here, there is an overlap with UOB, as both banks believe that trade and capital flows between the regions are the megatrends for the next decades.

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