UOB achieves target of doubling cross-border corporate loans
Singapore lender United Overseas Bank said on Tuesday it has achieved its target of doubling its cross-border corporate loans ahead of schedule.
The bank declined to reveal absolute numbers, but said at a briefing that it reached its goal in December last year, six months earlier than expected.
UOB had set up its foreign direct investment (FDI) advisory unit in June 2011 to grow cross-border corporate loans, and had then set a three-year target to double its loan quantums.
Companies from China are the fastest-growing group of clients for the unit, making up more than 50 per cent of the flows, the bank said.