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UNITED Overseas Bank (UOB) said on Wednesday its cash management revenue grew 42 per cent in the first six months of the year, compared to the same period a year ago, driven by clients seeking long-term expansion into Asia.
"Even with a volatile global economic environment, there are still tremendous business and economic opportunities within Asia. We are seeing an increasing number of our clients investing in Asia, especially in South-east Asia and the Greater China region," said So Lay Hua, UOB's group head of transaction banking, in a media statement.
"As these clients expand across the region, they are putting in place the necessary cash management structures to help them remain resilient and nimble through business and market cycles."
Revenue from UOB's global transaction banking made up about a third of the bank's wholesale banking revenue last year.