UOB expands China presence; DBS opens new Yangon office
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Singapore
SINGAPORE banks are stepping up their business presence in the region as growth moderates at home. Opening its 11th office in China yesterday, United Overseas Bank (UOB) said increased trade between China and South-east Asia would be one of the key engines of growth in the bank's five-year plan.
Eric Lian, UOB (China) chief executive, said at the opening of the bank's latest sub-branch in Shanghai that two-way trade flows between South-east Asia and China have reached record highs. Last year, China and South-east Asia saw US$400 billion in trade between them. By 2020, China and Asean have committed to increase trade volume to US$1 trillion.
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