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United Overseas Bank Ltd. (Singapore)

Company Background

United Overseas Bank (UOB) is one of Singapore's top three banking groups, but the smallest in terms of assets. It was founded in 1935 by the Wee family, which owns a 17% share. CEO and Deputy Chairman Wee Ee Cheong is the third generation of Wees to run the bank. His father, Wee Cho Yaw, shaped the bank into what it is today, through a series of acquisitions and overseas expansions. Cho Yaw is also Singapore's fourth richest man as ranked by Forbes this year. He stepped down from the chairmanship in April 2013 and handed it over to Hsieh Fu Hua, the former head of the Singapore Exchange.

In the past 10 years, UOB has strengthened its footholds in Asia, acquiring smaller banks in Indonesia and Thailand. China is the bank's key overseas market, with 16 outlets there. UOB is looking to grow in western China and opened a branch in the southwestern city of Chongqing in September 2014. UOB is also making inroads in Myanmar. It is one of the first nine international banks to be awarded a bank license from the government.

Business Summary

United Overseas Bank Ltd. engages in the business of banking services. It operates through the following segments: Group Retail, Group Wholesale Banking, Global Markets, and Others. The Group Retail segment offers personal and small enterprise customers with financial solutions. The Group Wholesale Banking segment provides loans, trade services, cash management, capital markets solutions, and advisory and treasury products. The Global Markets segment includes foreign exchange, interest rate, credit, commodities, equities, and structured investment products. The Others segment is involved in non-banking activities and corporate functions. The company was founded by Kheng Chiang Wee on August 6, 1935 and is headquartered in Singapore.

Financial Highlights

Dec 2021 SGDUSD
Gross Profit----
Operating income4,803M3,574.02M
Income before tax4,937M3,673.74M
Net income4,003M2,978.73M
Diluted EPS2.381.77
Dividends Per Share1.200.89
Total Assets459,323M340,706.14M
Total liabilities418,839M310,676.84M
Total equity40,256M29,860.17M
Operating cash flow4,655M3,463.89M
Currency in SGDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 12,392.02M 14,353.51M 16,381.11M 13,074M 11,918M
Gross Profit -- -- -- -- --
Operating income 4,156.68M 4,700.65M 5,099.41M 3,432M 4,803M
Income before tax 4,206.76M 4,826.21M 5,174.22M 3,536M 4,937M
Net income 3,287.96M 3,896.94M 4,245.95M 2,824M 4,003M
EBITDA -- -- -- -- --
Diluted EPS 1.98 2.33 2.53 1.68 2.38
Dividends Per Share 1 1.20 1.30 0.78 1.20
Total Assets 358,702.05M 388,092.35M 404,408.58M 431,814M 459,323M
Total liabilities 324,639.43M 352,406.09M 366,921.25M 393,059M 418,839M
Total equity 33,875.96M 35,496.56M 37,259.91M 38,525M 40,256M
Operating cash flow 7,072.45M 4,310.32M 4,463.26M 5,999M 4,655M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 8,976.61M 10,637.72M 12,007.87M 9,478.12M 8,868.47M
Gross Profit -- -- -- -- --
Operating income 3,011.04M 3,483.76M 3,738.03M 2,488.06M 3,574.02M
Income before tax 3,047.32M 3,576.82M 3,792.86M 2,563.45M 3,673.74M
Net income 2,381.76M 2,888.11M 3,112.42M 2,047.28M 2,978.73M
EBITDA -- -- -- -- --
Diluted EPS 1.43 1.72 1.86 1.22 1.77
Dividends Per Share 0.72 0.88 0.95 0.56 0.89
Total Assets 268,409.18M 284,733.93M 300,753.77M 326,723.40M 340,706.14M
Total liabilities 242,920.84M 258,551.79M 272,874.90M 297,400.20M 310,676.84M
Total equity 25,348.66M 26,042.96M 27,709.74M 29,149.16M 29,860.17M
Operating cash flow 5,123.18M 3,194.48M 3,271.71M 4,349.03M 3,463.89M

Valuation Measures

Dec 2021
Operating margin40.30%
Profit margin33.58%

Key executives

  • Chief Executive Officer & Deputy Chairman: Ee Cheong Wee
  • Group Head-Technology & Operations: Wai Cheng Hwee
  • Group Chief Financial Officer: Wai Fai Lee
  • Head-Research: Teck Kin Suan
  • Chief Information Officer: Setio Darmawan


  • WEE FAMILY (10.1%)
  • LIEN FAMILY (5.1%)
  • Tai Tak Estates Sdn. Bhd. (4.0%)
  • Haw Par Corp. Ltd. (2.7%)
  • The Vanguard Group, Inc. (1.9%)
  • BlackRock Fund Advisors (1.5%)
  • WEE CHO YAW (1.2%)
  • Baillie Gifford & Co. (1.0%)
  • Fidelity Management & Research Co. LLC (1.0%)
  • Norges Bank Investment Management (0.7%)

Contact Details

  • Website:
  • Address: 80 Raffles Place, UOB Plaza, Singapore, 048624, Singapore
  • Phone: +65.6222.2121

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Last Updated on 8 Dec, 2022

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