UOB eyes South-East Asian markets

UOB's Tan said the group’s engines of growth are in wealth, current account savings accounts, cards and its regional markets. — AFP

KUALA LUMPUR: Singapore’s homegrown United Overseas Bank (UOB) wants to reduce its reliance on the city-state and plans to generate half its income from its other South-East Asian markets by 2026, says head of group personal financial services Jacquelyn Tan.

Tan said prior to the completion of the acquisition of Citigroup’s consumer banking operations in Malaysia, Thailand, Vietnam and Indonesia in 2023, Singapore contributed 64% to UOB’s income, while the region, referring predominantly to Malaysia, Thailand, Indonesia and Vietnam, contributed the other 36%.