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Singapore UOB eyes China takeovers
By Zhang Fengming |
September 2, 2011, Friday
|
Online Edition
Online Edition
SINGAPORE'S United Overseas Bank is poised to expand its network in China and is open for takeover opportunities in China, its Deputy Chairman and Chief Executive Officer Wee Ee Cheong said in Shanghai today.
The bank has eight branches and three sub-branches in the Chinese mainland, in cities including Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen, Chengdu, Shenyang and Tianjin.
The bank has gained the regulatory approval to open a branch in Hangzhou in neighboring Zhejiang Province.
"We are not in a rush to expand," said Wee. "It's essential for us to grow steadily in China with a long-term commitment in China."
Wee said the bank would ride on the growing activities for China in the region as more mainland companies go abroad.
The bank set up its local incorporation, United Overseas Bank (China), in December 2007 with a registered capital of 3 billion yuan (US$469 million) in Shanghai.
Wee said the bank is open to acquisition opportunities in China. It has stake in Evergrowing Bank, a joint stock bank based in Yantai, Shandong Province. The bank also has set up an asset management joint venture with Ping An Life Insurance.
Tan Kian Huat, president and chief executive officer of United Overseas Bank (China), said the bank has already trimmed its loan-to-deposit ratio below 75 percent at the end of 2010, a year ahead of regulatory requirement.
Christine Ip, managing director of international strategy of United Overseas Bank said the bank is also interested in issuing yuan-backed bonds.
The bank, with a network of close to 500 outlets in Southeast Asia, started its China business in 1984 with a representative office in Beijing.
The bank has eight branches and three sub-branches in the Chinese mainland, in cities including Beijing, Shanghai, Guangzhou, Shenzhen, Xiamen, Chengdu, Shenyang and Tianjin.
The bank has gained the regulatory approval to open a branch in Hangzhou in neighboring Zhejiang Province.
"We are not in a rush to expand," said Wee. "It's essential for us to grow steadily in China with a long-term commitment in China."
Wee said the bank would ride on the growing activities for China in the region as more mainland companies go abroad.
The bank set up its local incorporation, United Overseas Bank (China), in December 2007 with a registered capital of 3 billion yuan (US$469 million) in Shanghai.
Wee said the bank is open to acquisition opportunities in China. It has stake in Evergrowing Bank, a joint stock bank based in Yantai, Shandong Province. The bank also has set up an asset management joint venture with Ping An Life Insurance.
Tan Kian Huat, president and chief executive officer of United Overseas Bank (China), said the bank has already trimmed its loan-to-deposit ratio below 75 percent at the end of 2010, a year ahead of regulatory requirement.
Christine Ip, managing director of international strategy of United Overseas Bank said the bank is also interested in issuing yuan-backed bonds.
The bank, with a network of close to 500 outlets in Southeast Asia, started its China business in 1984 with a representative office in Beijing.
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