Background and History of Untied Overseas Bank Limited

Background and History of Untied Overseas Bank Limited (UOB)

United Overseas Bank Limited abbreviated as UOB was founded in 6 August 1935 firstly known as United Chinese Bank. The UOB Empire was first built up by Sarawak-born Datuk Wee Kheng Chiang ЁC father of the present UOB Group Chairman, Wee Cho Yaw together with 6 other businessman. Since then, UOB has grown from strength to strength becoming a leading bank in Singapore and a dominant player in Asia-Pacific today.

One of the important corporate milestones which lead them to where they are today will be outbidding DBS bank in acquiring Overseas Union Bank Limited and became Singapore largest bank in terms of domestic customer loans, credit cards and market capitalization from 2002. These 2 years, they focus in going global by acquiring and increasing their interest in overseas bank and completing integration of its 2 Thai banking subsidiaries. UOB also broke new grounds in Vietnam by becoming the first foreign bank to be part of the domestic card network and foreign bank with the largest network in Malaysia as well as further expanding their business in China.

Currently, UOB hold on to their mission of providing quality products and excellent services by providing a wide range of financial services through a global network of branches and subsidiaries that excels in personal financial services, private banking, commercial and corporate banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management, general insurance, life assurance and stock broking services. UOB owned banking subsidiaries locally and in foreign countries such as Far Eastern Bank, United Overseas Bank (Malaysia), United Overseas Bank (Thai), PT Bank UOB Indonesia and PT Bank UOB Buana respectively. Some of their key icons include their continuous effort in bringing value to customers in launching products and services that are customize to meet different needs such as credit cards and cash management services. UOB has also been very transparent in terms of corporate information and financial reports which enhance their credibility and reliability. One of their core strengths is their ability to search for opportunity to step out of Singapore and collaborate with professionals locally and overseas which in turn benefits their customers to achieve maximum returns. UOB is also a leading bank in market capitalization which implies their profitability and stability in the bank industry. Their exceptional STP rates in USD funds transfer also increases service levels while reducing errors and operating costs.

UOB now step into the new arena with a vast network of over 500 offices around the world comprises 72 offices in Singapore and over 450 offices in Australia, Brunei, Canada, China, France, Hong Kong, Indonesia, Japan, Malaysia, Myanmar, Philippines, South Korea, Taiwan, Thailand, United Kingdom, USA and Vietnam.

Products and services

Deposits

UOB offer a wide range of savings, chequeing and deposit accounts which cater to both personal and business needs. For individuals, they aimed to make savings convenient with options from basic passbook savings, children to gold. For business, the most common one will be the current account with free corporate UniCard easily accessible through phone banking services and business internet banking. UOB also have deposits which include wide choice of tenors available at competitive rates, flexible investment periods and managing of multi-currency cash flows respectively. Chequeing of foreign currencies is also available.

Structured Deposits

UOB classified their available structured deposits into different series catering for individuals and companies. All plans featured 100% principal guaranteed at maturity and guaranteed annual interest payments at different rates depending on the plan chosen. Different plans are managed using different strategies and linked to different equity markets respectively.

Loans

One of the UOB key products will be their financing loan packages catering to different financing needs. Property and secured loans providing financial help in purchasing homes and properties locally or in foreign countries. UOB also offer Commercial loans allowing for purchasing of business premises, vehicles and engaging in trade services and corporate loans which offer flexible financing packaging, stocks and shares financing and serving financial needs with debt instruments. Companies can also seek help from UOB Government assistance scheme to upgrade and expand their operations overseas.

Investments

UOB also provide investment opportunities through