UOB eyes more business serving Chinese companies in Southeast Asia

UOB eyes more business serving Chinese companies in Southeast Asia

Chan Chao Peh
13/04/18, 05:45 pm

SINGAPORE (Apr 13): United Overseas Bank (UOB), which has built up a regional presence across Southeast Asia and in China, aims to increase the number of Chinese companies it do business with by 50% this year from 2017, as business activity across this region picks up in line with China’s Belt and Road Initiative (BRI).

Last year, UOB facilitated almost $20 billion in business flows from China to Southeast Asia. The bank is doing so via its FDI Advisory Unit, which was set up in 2011.

Besides providing financial services to these companies, UOB also works closely with government agencies, trade and industry associations and professional service providers to provide comprehensive business advisory services across the region.

The bank collaborates with China’s national business and trade bodies, namely the China Chamber of International Commerce and the China Council for the Promotion of International Trade.

UOB says it is the first and only bank in Southeast Asia to have partnerships with both organisations.

“With Southeast Asian countries ramping up their industrial and infrastructural development, there is a growing demand for foreign investments and relevant skillsets,” says Sam Cheong, UOB’s Head of Group FDI Advisory Unit.

“Chinese companies, with their experience and expertise, are well-positioned to fill this gap. Since we set up the FDI Advisory Unit seven years ago, we have helped to facilitate the expansion of more than 500 Chinese companies into the region,” he adds.

Lendlease a step closer to listing of mall REIT on SGX: reports

SINGAPORE (May 23): Australia’s Lendlease could potentially be the next REIT to list in Singapore, following the footsteps of two recent US REITs. According to The Australian, Lendlease has appointed investment banks Citigroup and DBS to handle the listing. The Singapore trust, to be named Lendlease Global Commercial REIT, could be seeded with shopping centre assets worth A$1 billion ($948 million). Listed on the Australia stock exchange (ASX), Lendlease is a integrated construction, engineering and property company. Singaporeans may also be familiar with Lendlease given the comp....

China defence minister to attend summit amid rising US tension

(May 22): Chinese Defence Minister Wei Fenghe will address top diplomats at an upcoming summit in Singapore in a speech that could be pivotal amid rising tensions between the US and China. The International Institute for Strategic Studies (IISS) announced the late addition Monday to a roster of ranking officials that includes US Acting Secretary of Defence Patrick Shanahan attending the three-day IISS Shangri-La Dialogue from May 31. Wei is scheduled to deliver a speech on China’s place in the Indo-Pacific region on the final day of the conference and will take questions afterwards, wh....

SingHaiyi reports 48% rise in 4Q earnings to $9.7 mil on higher margins from US development

SINGAPORE (May 22): Property developer SingHaiyi Group reported a 47.6% rise in 4Q19 earnings to $9.7 million from a year ago, bringing FY19 earnings to $22.6 million, 20.3% lower than a year ago. 4Q19 revenue declined 67.6% to $9.8 million from a year ago mainly due to the decrease in revenue recognised for the group’s completed Executive Condominium project, The Vales, and the group’s completed private condominium, City Suites. The lower topline was partially offset by the sales of the group’s completed commercial condominium project in the United States – Vietnam Town Phase II....