UOB not ‘overly alarmed’ by US tariffs as its trade finance lending is mostly intra-regional: Wee Ee Cheong
The bank’s Q1 net profit of S$1.49 billion is unchanged from the year-ago period
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[SINGAPORE] A strong balance sheet and capital base will help UOB navigate the uncertainties arising from US tariffs, said deputy chairman and chief executive officer Wee Ee Cheong.
Speaking at the bank’s first-quarter earnings call on Wednesday (May 7), he noted that trade forms only about 10 per cent of the bank’s total loans portfolio, limiting its direct exposure.
“In fact, most of our trade finance lending continues to be done within the region, reflecting strong intra-regional activities,” he said, noting that 80 per cent of the bank’s trades are “domestic business intra-region”.
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