UOB to persist with organic growth in private banking

Singapore

UOB does not rule out acquisitions in the private banking space, but is choosing to tap its large pool of commercial clients, rather than actively pursuing acquisitions to scale up, said its head of private banking.

This comes as the bank has changed up performance indicators of commercial bankers to include a referral of clients to the private banking segment, said Ong Yeng Fang, who has been leading the business for about 21/2 years now.

UOB's private banking revenue as at September 2016 has more than doubled from September 2013, and assets under management (AUM) have grown by 50 per cent in that period. As at 2015, its AUM …