UOB expects overseas business to account for half of revenue by 2021

Singapore

UOB expects to have half of its revenue coming from outside Singapore by 2021, up from about 40 per cent currently, saying that the market may have underestimated the network potential from its Asean exposure.

The bank on Wednesday said it plans to capture greater connectivity flows between Asean and Greater China, especially amid mounting trade tensions between the US and China, with the bulk of its operating profit from outside Singapore already derived from operations in the Asean region and Greater China.