UOB sees more customers making foreign direct investments in South-east Asia

United Overseas Bank (UOB) on Tuesday announced that it doubled its customers making foreign direct investments (FDI) into South-east Asia last year. -- PHOTO: ST FILE
United Overseas Bank (UOB) on Tuesday announced that it doubled its customers making foreign direct investments (FDI) into South-east Asia last year. -- PHOTO: ST FILE

SINGAPORE - United Overseas Bank (UOB) on Tuesday announced that it doubled its customers making foreign direct investments (FDI) into South-east Asia last year.

This brings UOB's total FDI clientele to 500, since its FDI advisory unit was set up four years ago.

Most of the companies which made investments into the region last year came from China, South-east Asia and Europe, and spanned industries such as trading, natural resources, consumer products, chemical and petroleum, and agriculture and commodities, said UOB.

According to the United Nations Trade and Development World Investment Report 2014, FDI into South-east Asia has tripled from US$49 billion in 2009 to US$151 billion in 2014.

This was on the back of the region's rising intra-regional trade, growing middle class and increased demand for goods and services.

"Our customers tell us that they believe in the long-term economic prosperity of the region," said UOB executive director Sam Cheong, who heads the bank's FDI Advisory Unit.

"(They) see UOB's South-east Asian network and relationships with strategic partners in the legal profession, audit services, business consulting and key government agencies as a natural fit when facilitating their business and financial needs."

UOB also said in a statement that it expects total Asean trade to reach US$6.6 trillion by 2030, with Singapore as the top FDI destination in the region.

UOB has nine FDI advisory units across Asia - including in China, Hong Kong, India, Myanmar, and Singapore - which are aimed at helping customers tap into the bank's extensive banking networking, as well as access its full suite of corporate banking, commercial banking and personal banking products and solutions.