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 provision of financial services. It operates through the following segments: Group Retail, Group Wholesale Banking, Global Markets, and Others. The Group Retail segment provides personal and small enterprise customers with financial solutions. The Group Wholesale Banking segment offers financial services to corporate and institutional client. The Global Markets segment includes a comprehensive suite of treasury products and services across multi-asset classes. The Others segment covers non-banking activities and corporate functions. The company was founded by Kheng Chiang Wee on August 6, 1935 and is headquartered in Singapore.
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