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UNITED Overseas Bank (UOB) said on Tuesday that its foreign direct investment (FDI) advisory unit has registered a doubling of clients in the last year, as corporates look to deepen business ties in South-east Asia.
The bank said in a press statement that it has helped more than 500 companies expand into South-east Asia through the FDI advisory unit. UOB has the biggest branch network in the region among the Singapore banks.
Since 2011, it has set up nine FDI advisory offices across Asia in China, Hong Kong, India, Indonesia, Malaysia, Myanmar, Singapore, Thailand and Vietnam.
"Our customers tell us that they believe in the long-term economic prosperity of the region," said Sam Cheong, head of UOB's FDI advisory unit.
"The demand for cross-border banking expertise in Southeast Asia has led to our FDI client base doubling in the last year."
UOB expects total Asean trade to hit US$6.6 trillion by 2030. Singapore is expected to stay as the top FDI destination in South-east Asia, capturing half of the total FDI that would flow into the region.