United Overseas Bank

Last updated

United Overseas Bank Limited
Type Public
SGX: U11
IndustryInvestment banking, Financial services
Founded6 August 1935;85 years ago (1935-08-06)
Founder Wee Kheng Chiang
Headquarters UOB Plaza,
80 Raffles Place
,
Singapore 048624
Number of locations
500 offices across 19 countries [1]
Area served
Worldwide
Key people
Wee Cho Yaw (Chairman Emeritus and Adviser)
Hsieh Fu Hua (Chairman)
Wee Ee Cheong (Deputy chairman and CEO)
Revenue S$8.061 billion (2016) [2]
S$3.096 billion (2016) [2]
Total assets US$235.4 billion (2016) [3]
Number of employees
24,853 [2]
RatingAA- (2016) by S&P [4]
Website www.uobgroup.com

United Overseas Bank Limited (commonly known as UOB) is a Singaporean multinational investment bankand financial services company headquartered in Raffles Place, Singapore. It was founded in 1935 as United Chinese Bank (UCB) by a group of businessmen led by Wee Kheng Chiang. The bank is the third largest bank in Southeast Asia by total assets after DBS Bank and OCBC Bank, which are also based in Singapore. [5]

Contents

UOB provides commercial and corporate banking services, personal financial services, private banking and asset management services, as well as corporate finance, venture capital, investment, and Insurance services. It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia-Pacific, Western Europe and Northern America. [6]

History

On 6 August 1935, businessman Wee Kheng Chiang, together with six other friends, established the bank after raising S$1 million. The bank was named United Chinese Bank (UCB) to emphasise its links to the Chinese population in Singapore. In October 1935, UCB opened for business in the three-story Bonham Building. [7] In 1965, the bank was renamed United Overseas Bank (Chinese name unchanged) to avoid duplication with another United Chinese Bank in Hong Kong (simplified Chinese :中国联合银行; traditional Chinese :中國聯合銀行), and opened its first overseas branch in Hong Kong. [8]

In 1970, UOB was listed on the Joint Stock Exchange of Singapore and Malaysia, at that time the stock exchange have an office in both Singapore and Kuala Lumpur. After it was publicly listed, the bank went through a series of targeted acquisitions. The bank first acquired the controlling stake of Chung Khiaw Bank in 1971, which expanded its domestic presence and also gave the bank offices in Malaysia and Hong Kong. A new logo for both United Overseas Bank and Chung Khiaw Bank was launched in January 1972. [9]

In 1973, UOB then acquired Lee Wah Bank, which provided services in Malaysia and Singapore. In that same year, the bank built a new 30-storey office tower in place of the Bonham Building, which was named the UOB Building (now known as UOB Plaza 2). [10] The company continued with acquisitions, with Far Eastern Bank in 1984, Westmont Bank (now known as UOB Philippines) and Radanasin Bank (now known as United Overseas Bank (Thai) Public Company Limited) in 1999. The bank then merged with the Overseas Union Bank Limited (OUB) in a deal estimated to be worth S$10 billion in 2001.

United Overseas Bank History Plaque United Overseas Bank History Plaque.jpg
United Overseas Bank History Plaque

In 2002, UOB started expanding into the Chinese market by opening a new full-service branch office in Shanghai and upgrading of its Beijing office to a full-service branch. [11]

On 18 January 2019, UOB was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of gender equality. [12]

Shareholders

The ten largest shareholders as of 1 March 2017 [2] are:

Name of ShareholdersNo. of Shareholdings%*
1.Citibank Nominees Singapore Pte Ltd300,184,67218.35
2.DBS Nominees (Private) Limited278,681,03317.04
3.DBSN Services Pte. Ltd.141,007,3248.62
4.United Overseas Bank Nominees (Private) Limited134,666,9108.23
5.Wee Investments Pte Ltd128,119,4457.83
6.Wah Hin & Co Pte Ltd83,858,6715.13
7.HSBC Singapore (Nominees) Pte Ltd82,830,1865.06
8.Tai Tak Estates Sendirian Berhad68,168,0004.17
9.UOB Kay Hian Private Limited41,198,7172.52
10C Y Wee & Co Pte Ltd36,319,2992.22

* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares.

International operations

United Overseas Bank's main branch, located at the UOB Plaza UOBnOUB.JPG
United Overseas Bank's main branch, located at the UOB Plaza

UOB has branches and offices located across Asia Pacific, North America and Western Europe, with most of their operations located mainly in Southeast Asian countries such as Brunei, Malaysia, Indonesia, Myanmar, Philippines, Thailand and Vietnam.

Asia Pacific

Australia

Headquartered in the UOB Building in Sydney, UOB Australia opened its first branch in MLC Centre as a merchant bank in 1986 to emphasize on trade and financing between Australia and Asia. [13] The bank now has offices in Melbourne and Brisbane, in addition to the branch in Sydney and currently offers merchant bank services comprising current accounts, deposits, lending, asset finance, trade finance, structured finance, cash management, and cross-border payments. [14]

Brunei

UOB's operations in Brunei started in 1974, under Overseas Union Bank (OUB). When UOB acquired the Overseas Union Bank in January 2002, the operations of the branches in Brunei was handed over to UOB. On 1 October 2005, the bank relocated its branch office in Bandar Seri Begawan. [15]

In 2015, UOB sold its retail banking business to Baiduri Bank Berhad for S$65.044 million. The bank currently provides a full range of commercial and corporate banking services through the branch located in the country. It also operates UOB Asset Management in Brunei, which offers investment management expertise to individuals, institutions and corporations. [16]

Mainland China

One of UOB's branches in Hong Kong HK Central United Overseas Bank SBI Centre n Pottinger Street n Des Voeux Road C.JPG
One of UOB's branches in Hong Kong

Operations in mainland China first started in 1984, with a representative office in Beijing. Incorporated on 18 December 2007 as UOB (China) and headquartered in Shanghai, UOB has 17 branches and sub-branches strategically located in major cities such as Shenyang, Shanghai, Beijing, Shenzhen, Tianjin, Xiamen, Hangzhou, Chengdu, Guangzhou, Suzhou and Chongqing offering retail and wholesale banking services. [17]

Hong Kong

UOB opened its first overseas branch in British Hong Kong in 1965, with the branch mainly focusing on trade financing and corporate banking. [18] The bank currently has 3 branches, with a main branch offering full personal and corporate banking services.

In the past 2 of the Hong Kong branches were under the subsidiary Chung Khiaw Bank.

India

In December 2009, UOB opened its first branch in Mumbai, offering retail and wholesale banking services, including lending, treasury and trade finance products, to corporates, financial institutions and consumers. [19]

Indonesia

UOB Indonesia was founded on 31 August 1956 as PT Bank Buana Indonesia. Headquartered in Jakarta, the bank offers commercial banking and treasury services, such as deposits taking, loans to small and medium enterprises, and foreign exchange transactions. The company also offers various fee-based services, such as purchase and sale of travellers cheques and banknotes. [20] It has a network of 41 branches, 172 sub-branches and 173 ATMs located across 30 cities in Indonesia. [21]

Japan

Founded in December 1972, UOB Japan offers wholesale services including corporate banking, debt securities investments, treasury, trade finance, current accounts and banknotes trading. UOB has 1 branch in Tokyo. Operations of OUB in Tokyo was also integrated in 2002 when UOB acquired the bank in 2002. [22]

Malaysia

UOB Bank Sandakan Branch in Malaysia Sandakan Sabah Lai-Piang-Kee-Building-02.jpg
UOB Bank Sandakan Branch in Malaysia

Incorporated in 1993, UOB Malaysia was integrated with Lee Wah Bank in 1994 to operate as a single entity. Lee Wah Bank was founded in 1920 in Singapore, with its first Malaysian branch opened in 1956. In 1973, Lee Wah Bank became a wholly owned subsidiary of UOB and was merged with UOB Malaysia in 1994. In 1997, UOB Malaysia merged with Chung Khiaw Bank (Malaysia) before merging with OUB Malaysia in 2002 to centralise its operations in Malaysia. [23]

The bank offers an extensive range of commercial and personal financial services: deposits, unit trusts, UOB Bancassurance, privilege banking, e-banking, commercial lending, investment banking, treasury services, trade services, home loans, debit and credit cards, wealth management, structured investment, general insurance and life insurance. [24]

Myanmar

UOB opened its Yangon branch in Myanmar on 4 May 2015. [25]

Philippines

In November 1999, UOB bought a 60% stake in a local bank, Westmont Bank and the bank was renamed UOB Philippines. In July 2002, UOB increased it stake to 100%, resulting in UOB Philippines becoming a wholly owned subsidiary of the banking group. [26] In 2006, UOB Philippines's 66 bank branches were sold to Banco De Oro Universal Bank and the bank ceased to be a commercial bank, with its license converted into a thrift bank license.

In August 2015, Bangko Sentral ng Pilipinas, the central bank of the Philippines, approved the bank's application for a commercial bank license, [27] and in the following year UOB Philippines opened its first commercial branch in Manila, being the 6th foreign bank in the Philippines to receive the license. [28]

South Korea

In 1983, UOB opened its first representative office in Seoul [29] and in 1998, the bank has a total of S$81 million assets in South Korea. [30] The bank currently operates a branch in Seoul.

Thailand

UOB Thailand branch headquarters located at the Robot Building in Bangkok. Robot Building, Bangkok.jpg
UOB Thailand branch headquarters located at the Robot Building in Bangkok.

UOB merged Radanasin Bank with Bank of Asia in 2005 with 154 branches across Thailand

Vietnam

UOB obtained the FOSB licence to grow in Vietnam in July 2017

North America

United States

Canada

Western Europe

United Kingdom

Subsidiaries and joint ventures

All subsidiaries are headquartered in UOB Plaza, Singapore

Subsidiaries
Joint ventures
Associates

Mobile banking

On 19 December 2011, United Overseas Bank launched its free mobile UOB Mobile application. Mobile Cash, a key feature of this application, allows all UOB customers to send cash to any registered recipient who can withdraw the money from more than 600 UOB ATMs in Singapore. Initially only available on the Apple Appstore, the application soon became available to users of Android and Blackberry smartphones. [31]

Digital banking

On 14 February 2019, UOB announced that it will launch TMRW (the first mobile-only bank) with Thailand the first country to get this service. More ASEAN countries will get this service in the coming months, in a push to cater to millennials who mainly use mobile phones for banking. UOB aims to attract three to five million users for this service in the next five years. [32]

See also

Related Research Articles

Bank of China Chinese state-owned commercial bank

The Bank of China is one of the four biggest state-owned commercial banks in China. Bank of China is legally separate from its subsidiary Bank of China, although they maintain close relations in management and administration and co-operate in several areas including reselling BOC's insurance and securities services.

Sumitomo Mitsui Banking Corporation Japanese multinational banking and financial services company

Sumitomo Mitsui Banking Corporation Group is a Japanese multinational banking and financial services institution headquartered in Yurakucho, Chiyoda, Tokyo, Japan. The group operates in retail, corporate, and investment banking segment worldwide. It provides financial products and services to a wide range of clients, including individuals, small and medium-sized enterprises, large corporations, financial institutions and public sector entities. Since 2011, it has been included into the Financial Stability Board's list of global systemically important banks.

Bank of East Asia Hong Kong-based bank

The Bank of East Asia Limited, often abbreviated to BEA, is a Hong Kong banking and financial services company, headquartered in Central, Hong Kong. It is currently the largest independent local Hong Kong bank, and one of two remaining family-run Hong Kong banks, with the other being Dah Sing Bank. It continues to be run by 3rd and 4th generation of the Li family.

Maybank

Malayan Banking Berhad is a Malaysian universal bank, with key operating "home markets" of Malaysia, Singapore, and Indonesia. According to the 2020 Brand Finance report, Maybank is Malaysia's most valuable bank brand, the fourth top brand in Asean and ranked 72nd in the world’s most valuable bank brands.

The Hongkong and Shanghai Banking Corporation Hong Kong bank, subsidiary of HSBC

HSBC, officially known as The Hongkong and Shanghai Banking Corporation Limited, is a wholly owned subsidiary of HSBC, the largest bank in Hong Kong, and operates branches and offices throughout the Indo-Pacific region, and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.

OCBC Bank Singapore-based bank

The Oversea-Chinese Banking Corporation Limited or OCBC Bank is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Raffles Place, Singapore. OCBC Bank was born out of the Great Depression through the consolidation of three banks in 1932 - the Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited.

Bangkok Bank

Bangkok Bank Public Company Limited is one of the largest commercial banks in Thailand. Its branch network includes over 1,165 branches, As of September 2018 within Thailand, with 32 international branches in 15 economies, including wholly owned subsidiaries in Indonesia, Malaysia and China. Bangkok Bank has branches in London and New York to complement its Southeast Asian network.

Wee Cho Yaw, is a Singaporean billionaire businessman, and the chairman of the United Overseas Bank (UOB) and United Industrial Corporation (UIC) in Singapore.

China Banking Corporation, commonly known as China Bank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino businesspeople. It offers various banking services and products related to deposit, investment, trust, cash management, remittance, and financing products and services. It also offers insurance brokerage and bancassurance services through its subsidiary and affiliates.

Cathay United Bank is one of the largest commercial banks in Taiwan, with a capital value of TW$67 billion and more than 165 branches located throughout Taiwan. It is part of the Cathay Financial Holding.

RHB Bank

RHB Bank Berhad was incorporated in Malaysia as a public limited company on 24 August 1994 under the name of DCB Holdings Berhad. It assumed its present name on 16 June 1997. RHB Capital was listed on the Main Board of Bursa Malaysia Securities Berhad on 29 December 1994, replacing DCB Bank Berhad (now known as RHB Bank Berhad, pursuant to a restructuring scheme undertaken in 1994.

AmBank

AmBank Group comprises AMMB Holdings Berhad is one of the largest banking groups in Malaysia whose core businesses are retail banking, wholesale banking, Islamic banking, and life and general insurance.

Great Eastern Life Life insurance company based in Singapore

Great Eastern Life Assurance is the largest and oldest life insurance company in Singapore and Malaysia.

CIMB Group Holdings Berhad is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branches across the region.

CTBC Bank is amongst the largest privately owned banks in Taiwan.

Mega International Commercial Bank Taiwanese commercial bank

The Mega International Commercial Bank is a bank in Taiwan and a subsidiary of Mega Financial Holding Company. It has 105 branches in Taiwan, in additional to 17 branches, two representative offices and two wholly owned subsidiaries abroad. The bank's total workforce is over 5,100 and its aggregate paid-in capital is approximately NT$64.1 billion.

UOB Kay Hian Holdings Limited is a Singapore-based, global investment bank that engages in brokerage services, private wealth management, investment banking, investment management and financial research. UOB Kay Hian was founded in the early 1900s by the late Khoo Kay Hian as Kay Hian & Co (Pte). It is headquartered at Singapore, with additional offices in Hong Kong, Shanghai, Jakarta, Manila, London, Toronto, Kuala Lumpur, Bangkok and New York City. Following its incorporation in June 1970 and the merger of Kay Hian Holdings with UOB Securities in October 2000, UOB Kay Hian Holdings was established.

Chung Khiaw Bank Former Singaporean bank

Chung Khiaw Bank Limited was a Singapore bank that was established by millionaire Aw Boon Haw and later became a subsidiary of United Overseas Bank after takeovers in 1971–72. Part of the shares of Chung Khiaw Bank was injected to a listed company Haw Par Brothers International in 1969 and was acquired by a domestic competitor United Overseas Bank (UOB) in 1971, after the parent company was takeover by Slater Walker. Chung Khiaw Bank merged with UOB in 1999.

References

  1. "Our Corporate File". United Overseas Bank Limited. Retrieved 4 December 2010.
  2. 1 2 3 4 "UOB Annual Report 2016" (PDF). Archived from the original (PDF) on 27 January 2018. Retrieved 6 July 2017.
  3. "The World's Biggest Public Companies".
  4. "DBS, OCBC, UOB get AA- credit rating from S&P". The Straits Times. Retrieved 26 March 2017.
  5. "ForbesG2000" . Retrieved 5 July 2015.CS1 maint: discouraged parameter (link)
  6. "UOB Bank Singapore Branches". BanksinSG.COM. 30 October 2019. Retrieved 17 April 2020.
  7. "United Overseas Bank Archived 2010-10-12 at the Wayback Machine Heritage Trails Singapore. Retrieved August 31, 2012.
  8. Lim, Richard, "A Few Good Men," Straits Times, 12 August 2002. Retrieved 15 November 2015
  9. "大華銀行崇僑銀行舉行酒會慶祝聯用新標誌". Nanyang Siang Pau (in Chinese). Singapore. 3 January 1972. Retrieved 11 October 2017 via Singapore National Library.
  10. "It's Always the Next Deal," South China Morning Post, 13 May 2002. Retrieved 15 November 2015
  11. Montlake, Simon, "Singapore Bankers Take the Plunge," Banker, August 2002, p. 45. Retrieved 15 November 2015
  12. Seow, Joanna (19 January 2019). "Four local firms lauded for furthering women's equality". The Straits Times. Retrieved 23 July 2020.
  13. "UOB chairman opens Sydney merchant bank today". The Business Times, 29 July 1986, Page 6. 1986. Retrieved 16 November 2015.
  14. "Company Overview of UOB Australia Limited". Bloomberg.
  15. "Brunei Office Re-locates To Serve You Better" (PDF). UOB Group. October 2005. Retrieved 16 November 2015.
  16. "Singapore: UOB sells Brunei retail banking business to Baiduri Bank for $46.6m". Deal Street Asia. October 2015.
  17. "About UOB China". UOB.
  18. Lee, 2003, p. 162; Tai, 2010, pp. 471–472; Steady growth hallmark of the UOB story. (20 October 2003). The Business Times, p. 3. Retrieved from NewspaperSG.
  19. "UOB's new country head for India to prioritise local corporates' expansion in SEAsia" (PDF). Asian Banking and Finance. Retrieved 25 March 2017.
  20. "Company Overview of PT. Bank UOB Indonesia, Tbk". Bloomberg. Retrieved 24 March 2017.
  21. "Bank Uob Indonesia Pt Company Profile". EMIS. Retrieved 24 March 2017.
  22. "About UOB Tokyo". UOB Group. Retrieved 24 March 2017.
  23. "United Overseas Bank (M) Berhad (UOB)". Lawyerment. Retrieved 24 March 2017.
  24. "United Overseas Bank (Malaysia) Bhd.: Private Company Information – Bloomberg" . Retrieved 24 March 2017.
  25. "UOB Myanmar | Yangon". www.uobgroup.com. Retrieved 21 August 2017.
  26. "UOB Philippines : About Us". UOB Philippines. Retrieved 15 April 2020.
  27. "UOB to operate as commercial bank in Philippines". Philstar.com. 20 September 2015. Retrieved 15 April 2020.
  28. "Singapore's UOB opens Manila branch". Philstar.com. 21 January 2016. Retrieved 5 April 2020.
  29. "UOB office in Seoul". BUSINESS TIMES (Archived on NewspaperSG). 6 August 1983. Retrieved 15 April 2020.
  30. "Annual Report 1997, UOB" (PDF). UOB Group. 1998. Retrieved 15 April 2020.
  31. "UOB launches mobile banking app". Financial News Publishing Limited. 19 December 2011. Archived from the original on 1 February 2012. Retrieved 1 September 2012.
  32. "UOB to launch its digital bank first in Thailand". The Straits Times. 14 February 2019. Retrieved 29 September 2019.