United Overseas Bank (UOB) has been named the best retail bank in Asia Pacific and Singapore, according to trade publication The Asian Banker.
The local bank was awarded the titles at the magazine's Excellence in Retail Financial Services Awards 2014.
UOB is also the first local bank to have won the regional award, pointed out The Asian Banker.
Banks in the region were reviewed by a panel, which looked at their financial performance, long-term growth and risk management capabilities. Factors such as the bank's market share, operational processes and technology, as well as the efficiency of its distribution channels and sales capabilities were considered in making its decision.
Mr Eddie Khoo, head of personal financial services and private banking at UOB, said that creating a business based on trust and the needs of customers was fundamental to developing strong customer relationships.
"Our experience across the region also means we are well-placed to offer financial products and wealth management solutions best suited to the needs of Asian consumers," said Mr Khoo.