UOB doubles its Asia cross-border loans

UNITED Overseas Bank (UOB) has doubled its number of cross-border loans to businesses since setting up its first foreign direct investment (FDI) advisory unit here in June 2011.

The group said yesterday that its FDI advisory units are "a fast-growing business"; it has nine units across Asia and its cross-border loans run into double-digit billions. The bank said it hit its target of doubling cross-border business lending last December - six months ahead of the scheduled three years.

Loans to Chinese companies expanding across Asia through Singapore make up at least half the FDI flows facilitated by the bank.