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UNITED Overseas Bank Limited (UOB) has deepened its support of Chinese companies expanding through the Belt and Road initiative with the signing of two memoranda of understanding (MOUs), it announced on Tuesday.
The first MOU was signed with the Chinese Chamber of International Commerce (CCOIC), China's national business association, while the second was with the Qingjian Group, the largest construction conglomerate in Shandong province.
The two MOUs, signed on Sunday in Qingdao, China's Shandong province, will build on UOB's existing efforts in facilitating Chinese business investment in South-east Asia.
Under the first agreement, UOB and CCOIC will jointly help Chinese companies, such as those in the infrastructure, new energy and information technology sectors, to tap the Belt and Road initiative and to expand into South-east Asia.
This MOU is an extension of UOB's longstanding partnership with the China Council for the Promotion of International Trade (CCPIT). UOB is the first and only bank in South-east Asia to enter into MOUs with both CCPIT and CCOIC.
Through the collaboration, Chinese companies represented by the CCOIC can access UOB's comprehensive suite of local and cross-border solutions, as well as ecosystem of strategic partners across the bank's South-east Asian network.
Under the second MOU with Qingjian Group, UOB, as the company's preferred banking partner in South-east Asia, will offer financial solutions such as project financing and capital markets advisory services. Both parties will explore deeper collaboration in the areas of cash management, cross-border trade and investment.