 In 1960, Wee Kheng Chiang stepped down as managing director of UCB (while remaining as chairman), and Wee took over the post from 1 July.The bank had previously dealt only with local businesses, but Wee moved the bank into foreign exchange and international trade financing.In 1964 UCB applied to open a branch in Hong Kong, and was renamed United Overseas Bank (UOB) from January 1965 to avoid a clash of names with an existing bank there.