UOB sees record jump in cash management business

Singapore

UOB has quietly gained pace in the cash management business, with a record 42 per cent jump in revenue for the first half of this year from a year ago.

The broad-based growth comes amid billions of investment spent over nearly a decade in building their cash management expertise in Asia.

Transaction banking is the lifeblood of most banks, and made up a third of roughly S$3 billion in wholesale banking revenue for UOB last year. UOB's chief …