UOB to open five branches this week


  • Business
  • Tuesday, 14 Nov 2006

hungyee@thestar.com.my 

PETALING JAYA: United Overseas Bank (M) Bhd (UOB Malaysia) will continue to focus on small and medium enterprises (SMEs) to further grow its business, said director and chief executive officer Chan Kok Seong. 

“Besides SMEs, we will also continue to expand in the mortgage and credit card businesses,” he told a press conference after the opening of the bank's latest branch in Kota Damansara yesterday. 

“We have experienced a healthy growth in consumer banking with a significant mortgage loan portfolio as well as credit card business this year. 

United Overseas Bank (M) Bhd will continue to focus on SMEs, says CEO Chan Kok Seong (centre).

“Both divisions have shown a double-digit growth year-to-date,” he said. 

UOB Malaysia expects to increase its mortgage market share to 8% in the near future from about 5% currently. 

Chan added that the bank's annualised loans and advances grew by 18% against the industry's 7.3%. 

He said the bank would step up efforts to improve its service and delivery, as the industry had become very competitive.  

“We will also continue to introduce more products for both consumer and SME banking,” he said. 

Chan revealed that the bank's current non-performing loan ratio at 3.5% was still below the industry level. 

Meanwhile, UOB Malaysia will open four more branches between today and Friday. It will open one branch each in Kepong, Muar and Sibu, and a relocated branch at Jalan Sultan Ismail, Kuala Lumpur. 

Chan said UOB Malaysia remained the top foreign bank with the largest network in the country. It spent about RM1mil for each new branch. 

He added that its branches in Kota Damansara, Kepong and Jalan Sultan Ismail were equipped with privilege banking facilities. 

To commemorate the opening of the five new branches, UOB Malaysia is offering special gifts and 3.58% per annum interest rate for six-month fixed deposits for customers signing up for any of its products. 

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