Growing with Singapore

IN 1971, United Overseas Bank (UOB) was still a relatively small player in Singapore. That year, it acquired a stake in Chung Khiaw Bank and was soon on a path of regional expansion to become the Singapore icon it is today. "Back then, just as it was for Singapore, we knew that our success hinged on our ability to be relevant in the region," says Wee Ee Cheong, deputy chairman and CEO of UOB Group. "We decided that for UOB to grow and to compete more effectively in the long run, we needed to expand beyond our home base."

UOB began as United Chinese Bank in 1935. Mr Wee's grandfather Wee Kheng Chiang, who was born in Kuching, set up the bank with six other Chinese businessmen in Sarawak, focusing mainly on financing trade between Sarawak and Singapore.

In 1965, United Chinese Bank was renamed UOB. Over the years, UOB has been expanding across Asia organically and through acquisitions. This included Chung Khiaw Bank in 1971 and Lee Wah Bank in 1973 from the family of philanthropist Eu Tong Sen. Then came Far Eastern Bank in 1984, the Industrial & Commercial Bank in 1987, Thailand's Radanasin Bank in 1999, Bank of Asia in 2004 and Indonesia's Bank Buana in 2005.