United Overseas Bank (UOB) has said at its AGM in Singapore it will continue its expansion plans but in a measured way due to the volatile market conditions. However, some shareholders were concerned that UOB is being left behind in regional competition as other Singapore banks pursue a more aggressive expansion strategy. UOB has largely remained on the sidelines over 2014 as OCBC purchased Wing Hang Bank and Barclays' wealth and investment management business in Hong Kong and in Singapore, whilst DBS Group Holdings bought Societe Generale's Asian private banking unit in the past two years. Shareholders were also assured that UOB will continue to remain resilient despite market headwinds.
United Overseas Bank (UOB) has said at its AGM in Singapore it will continue its expansion plans but in a measured way due to the volatile market conditions. However, some shareholders were concerned that UOB is being left behind in regional competition as other Singapore banks pursue a more aggressive expansion strategy. UOB has largely remained on the sidelines over the past two years as OCBC purchased Wing Hang Bank and Barclays' wealth and investment management business in Hong Kong and in Singapore, whilst DBS Group Holdings bought Societe Generale's Asian private banking unit in 2014. Shareholders were also assured that UOB will continue to remain resilient despite market headwinds.