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Business Times
4 days ago
- Business
- Business Times
UOB aims to further grow and serve in Singapore and Asean
EVEN as Singapore is celebrating its 60th year of independence, UOB is marking an equally significant milestone with the 90th anniversary of its founding in 1935. Back then, amidst the uncertainties of the Great Depression, a group of seven businessmen led by Datuk Wee Kheng Chiang founded a bank to serve the merchant community in Singapore. Then, it was called the United Chinese Bank. It started operations in Raffles Place, the centre of all Singapore's commercial activities. Soon after, it followed that up with a branch in Beach Road. Growing outside Singapore In 1965, the year of Singapore's independence, the bank took on its present name, that of United Overseas Bank and as the young country grew apace, UOB flourished in tandem. The bank's iconic red five-bar logo was launched. UOB opened its first overseas branch in Hong Kong and then Tokyo. The 1970s and 1980s marked a period of rapid growth which saw the bank making a slew of acquisitions. Datuk Wee's son Dr Wee Cho Yaw led the bank in this phase during this period, establishing and consolidating the bank's market position in Singapore and Southeast Asia. First up was Chung Khiaw Bank in 1971, which deepened UOB's presence in Malaysia. Next was Lee Wah Bank in 1972, boosting UOB's presence across Singapore and Malaysia. The next decade saw the acquisition of Far Eastern Bank in 1984, swiftly followed by Industrial and Commercial Bank in 1987. By the end of the 1980s, UOB had the distinction of being one of the four largest banks in Singapore with an extensive presence across Singapore and Malaysia. 2000s and Singapore's largest bank takeover A second major wave of growth took place in the early 2000s, when Singapore's local banks were urged to merge to achieve economies of scale and increase their competitive strength. In 2001, UOB made headlines for its acquisition of Overseas Union Bank from the Lien founding family in what remains Singapore's largest bank takeover. The S$10 billion acquisition cemented UOB's position as a dominant banking entity in the region, increasing its assets to over S$112 billion and extending its network to 98 branches. Against this backdrop, there was a smooth passing of the leadership baton to the third generation, with the appointment of Mr Wee Ee Cheong as CEO in April 2007. A focused Asean strategy and the mega Citi deal Mr Wee says: 'We had started planting seeds, acquiring banks in the region to build scale, focusing on the neighbouring Asean markets where we have a competitive edge. Our Asean focus isn't just a strategy; it's part of who we are. We live here and grow here. We are a part of this region.' A key aspect was recognising the growing importance of foreign direct investment (FDI) in Southeast Asia and accordingly a dedicated FDI advisory unit was set up in 2011. Since then, more than 5,000 companies have tapped UOB FDI advisory services to expand overseas, especially into Asean. That has more than paid dividends. In the past five years, companies supported by the advisory unit have pledged to invest more than S$50 billion, enabling the creation of more than 250,000 job opportunities across the region. Ramping up growth In January 2022, in the depths of the Covid-19 pandemic when investors were running scared, UOB had the derring-do to unveil yet another transformational deal. It acquired the consumer banking business in Indonesia, Malaysia, Thailand and Vietnam of US financial giant Citigroup for S$4.9 billion. Instead of acquiring more branches or more infrastructure in a traditional deal, this was a savvy alternative that enabled UOB to double its Asean customer base and accelerated its regional growth by five years. UOB's total customer base now exceeds 8.4 million. The expanded customer base drove cross-sell synergies, by uplifting customer spend, growing deposit balances and expanding the wealth management business. With an expanded customer base and a regional one at that, more event organisers wanted to partner UOB for its customer base. It cemented UOB's leadership as the top card issuer for Visa and MasterCard in Asean. And in 2024, UOB's access to that customer base was the winning factor behind it clinching the deal to be the exclusive credit card for the Taylor Swift set of concerts. With Singapore as the sole Asean stop, fans around the region rushed to sign onto the cards to get first dibs on tickets. While this investment came nearly two decades after the OUB deal, Mr Wee explains that the wait was down to discipline. 'There was pressure for us to acquire along the way, but we were disciplined. It was the perfect fit at the right time. It was a rare opportunity to scale up in four target markets at one go.' The 'one UOB' vision From just one branch in Singapore, UOB has nearly 500 branches in 19 markets across the world now. Given its various acquisitions over the decades, UOB needed to assimilate these acquired bank employees and customers into a unified entity. Otherwise, it would have been just 'a collection of banks'. Mr Wee says: 'I started to put a lot of effort over the last decades to create a common platform for all the entities that we bought. With the common platform, it will create a seamless experience for our customers, and enable them to access the market more speedily. This allows us to scale up quickly across the franchise.' It was not just colleagues and internal systems and processes which needed to be integrated. Over the past decade, UOB has ploughed in over S$800 million to build an integrated regional platform to build capabilities in regional payments, cash and trade platforms for its wholesale business. Long-term approach Underpinning UOB's overall strategy is its long-term approach. Mr Wee says: 'When you think long term, you will act in a responsible manner. We believe in pursuing growth with stability in a measured and disciplined manner, instead of being focused on short-term gains.' 'Being long term means that we always anticipate our customers' needs. And we invest in capabilities for the future so that we can grow together with them.' Even if the world is getting more challenging, Mr Wee maintains that 'we are here to help our customers navigate complexities; we believe in building long-term relationships with our customers, where we help our customers grow'. A disciplined approach to acquisitions, an integrated platform and a long-term approach have paid off handsomely for the bank. 2024 continued to be a highly profitable year for UOB and in February 2025, the bank reported that it had made a record profit of S$6 billion for the financial year ended Dec 31, 2024. What's more, the UOB share price also hit an all-time high of S$38.67, giving the bank a market capitalisation of close to S$62 billion. Creating impact in the community Even as the bank continues to thrive financially, Mr Wee recognises the importance of driving corporate social responsibility efforts in the areas of art, children and education. He says: 'Education represents an investment in our collective future across the Asean region. There's a Chinese saying: '十年树木，百年树人', meaning that it takes a long time to nurture people with which a good education is vital. This year, as part of its 90th anniversary, UOB has pledged a total of more than $120 million for a variety of educational programmes which will impact about 250,000 students and children across Asean over the next few years. Projection mapping shows that earned three Guinness World Records titles light up UOB Plaza to celebrate UOB's 90th anniversary. Among the ongoing efforts, there was a S$30 million commitment in early 2025 to programmes aimed at supporting the education of disadvantaged children and students in Singapore and across Southeast Asia. In April, UOB and the Wee Foundation announced that they have pledged a combined gift of S$110 million to Nanyang Technological University. Other efforts include the UOB FutureGen Scholarship Programme that will provide pre-tertiary scholarships to students from the region to study in Singapore. The bank is also partnering with a leading education technology platform based in Indonesia to provide children across Asean with a headstart at school. During UOB's 80th anniversary in 2015, UOB also set up a scholarship, the Wee Cho Yaw Future Leaders Award, which provides tertiary education for less privileged children. To date, the scholarship has supported more than 150 students studying in local tertiary institutions. Preserving UOB's heritage while investing for the future Having banked SMEs and businesses in the community right from its founding, Mr Wee says its roots as a SME bank, means that it understands the pain points of its SME customers, and supports SMEs on their journey. Mr Wee says: 'We bank the entire supply chain, not just with individual segments. For example, we bank the entire value chain on electric vehicle (EV) production, starting from the nickel miners to the battery suppliers.' The banker at heart insists that UOB will continue to help its customers seize opportunities. Just as with the Johor-Singapore Special Economic Zone initiative, UOB is very much an early mover in moving decisively to support companies who wish to expand there. As UOB looks beyond 2025, Mr Wee turns philosophical. He says: 'As a homegrown bank that was founded before Singapore's independence, we have been part of the nation's transformation, not just as a financial institution, but as a partner in progress.' The bank recently opened a gallery at UOB's main branch at Raffles Place commemorating the rich history and milestones of the bank from its founding in 1935. There are even plans for boat rides along the Singapore River which will allow investors and tourists alike to appreciate UOB's journey – in line with the country – from fledgling bank to Asean giant. For Mr Wee, UOB's people – there are some 32,000 staff across Asean – are very much at the forefront of his mind. There are many challenges facing the banking industry, be it geopolitical challenges or technological disruption. Mr Wee says: 'While some people may be a little fearful of AI, thinking that it may take over jobs, I tend to believe that technology is a tool that we should use to see how it can improve our productivity, to help people to grow.' With a solid foundation in place at the bank, the challenge will be how to sustain the UOB culture and ensure a lasting legacy. He says: 'I think it's important to engage our people. We discuss (things) openly and we do the right thing for the organisation. We take a long-term view, guided by our vision.' As he surveys the bonsai trees outside his office, some of which he has tenderly nurtured over the past two decades, he uses their symbolism for longevity and wisdom to describe his hopes for UOB. Mr Wee says: 'We are blessed to have survived for 90 years. But we cannot take it for granted. We have to deepen our Asean base and this will determine how we grow for the next 10, 15 years. It means we must continue to persevere and to be humble. And when you go into another country, people will welcome you.'
Borneo Post
25-04-2025
- General
- Borneo Post
Quiet serenity: Memories of 1960s Kuching
A postcard from the era shows the Kuching Waterfront facing the old Ban Hock Wharf at Gambier Road, back in 1960. KUCHING, the capital of Sarawak, underwent significant changes in the 1960s as the country transitioned itself to self-governance and then became a founding member of the federation of Malaysia in 1963. In 1960, I was just 10 years old and in Primary 4 at St Thomas' Primary School, which was a missionary school operated by the Anglican Diocese. I recall a certain peaceful calmness and serenity in my beloved hometown. We had resided somewhat 'in the countryside' in those days, even though the distance was just two miles or so for me to get to school daily. The small, deserted winding road that trailed up and down the Golf Links, then onto Pearses' and then up left to Pig Lane (now Park Lane) landed us up on the hilltop where the magnificent Hokkien Free School stood (the Chung Hua School No 1 is there now). Then we would pass the Kuching Prisons on the left, imposing and strangely eerie all plastered in white. In my mind's eye, I always envisioned the 'gallows' whenever I used to pass it as a boy. Opposite it were a row of shops that had housed the Teochew Association as well as our regular florist – Tan Florist. Mathies Road cuts in to curl 45 degrees upwards towards the mansion of my grand aunt, who had married Tan Sri Wee Kheng Chiang. At the foothill was the Borneo Hotel, bought by Francis Yong for his Japanese wife. An old postcard from Sarawak Information Services depicts the Malaysia Day celebration at Central Padang in Kuching, in 1963. Then, came the row of old dilapidated single-storey shophouses, all desolate looking and with wooden thatches and shingles for roofs. Further down was the Fata Hotel, built by the Yii family in 1936, making it one of the oldest hotels in the city. Facing it was the Ting & Ting Supermarket, which opened in 1957 and was owned by the Ting family, who were originally from Sibu. It closed its doors on June 29, 2019. Around the triangular 'square' (Sah Kat Poh was the Hokkien nick for it) of what would be the 'traffic roundabout' were a row of four shops that belong to the Anglican Diocese, the entrance to St Mary's School and a row of concreted shops, which started at one end with the 'Tiger Garden' coffeeshop (so called because of the big Tiger beer hoarding on its massive wall) and Kwong Beng stationery just next to T&T's supermart. Today, a number of thriving eateries, nightspots and boutique cafes line this small area of deep downtown, attracting revellers from near and far. In the 1960s, our regular haunts and 'playground' were just to the east of this 'square'. For there stood the Rex Cinema, where all the first-run box-office Hollywood movies were shown. We were awestruck from the likes of John Wayne's 'The Alamo'; Paul Newman's 'Exodus'; 'The Magnificent Seven'; 'North to Alaska'; Elvis' 'Flaming Star'; to the stupendous 'Spartacus' – and these were only from that one year alone, 1960. In our time, there was no popcorn on sale at the cinema's entrance; instead, we had 'kachang puteh' and 'kong -tng' (hard candy) which were sold at the gate by Ah Poo Chek, an old man who had rented a house from my grandfather and stayed just a stone throw's from us in the 1950s-1960s. As youngsters, we would have first picks of his goodies as he was preparing to 'start the evening business' at the Rex. At the rear of Rex Cinema itself were a number of food stalls, one of which had excellent 'laksa', the other very delicious satay and 'Mee Jawa'. The drinks stall served the best 'angtao peng' and 'ABCs' of that era. There would always be crowds of customers, students playing truant and civil servants who did the same. Towards the left of the Rex Cinema was a bookshop, the Mayfair, run by 'Ampai Teck' ('Detective Teck') and towards the end of the block at night was one of the best 'kolo mee' sellers from the 1960s – a family whose noodles I still enjoy to this very day. Back in the day, we simply called his father then, 'Boh Geh' (No Tooth) – for obvious reasons! Over six decades, he and his family has produced one of the best, most authentic 'kolo mee' of Kuching's – his children Ah Yong now operates at Golden Corner of Ban Hock Road; and daughter-in-law at Top Ten of Jalan Song. Just across the road at the proper food court known as 'Siong Ung Kong' (formally the forecourt of the Hong San Si Temple at the end of Ewe Hai Street) would be operating the other even more world famous 'kolo mee' – that of Tsai Ming Liang's family. Today, it is known as Ta Wan Kung and they have outlets run by family members at Galacity (one at Heng Ki, one at Fock Hoi); at Wee Kheng Chiang Road and at Mile 4's Lau Ya Chia. At this same food court too was the very popular Sing Kwong 'tua pao' (big dumpling) and 'sio-bee' (or 'siew mai'), which is minced pork in a mouthful. They had relocated to Kenyalang Park Commercial Plaza in the 1980s, and are still there doing a thriving business. In those days, in my young teen's limited world view, there were only four things that had interested me, besides passing my exams. They were music, books, movies and food. Interest in the opposite sex was not really at any place special as I was inherently shy. I had thought of myself as a book and music nerd so no girls would be interested in me, right? For me then, there were a number of interesting places that I had frequented over and over again over that decade: sadly none of them has survived six decades on. Over at India Street, my favourite shops were at Tai Chey and Kwong Heng Lee, both selling record albums and 45 singles. There was also Abdul Majid, which later became Wahid's, and I made a lifelong friend of Abdul Wahid, who for more than three decades had become my trusted and faithful supplier of all sorts of 'yellow' literature. A bird's eye view of Kuching's busy India Street, in this photo taken during the mid-1960s. His brothers were to follow after he left and retired from the books and magazines business. To think that he had started as a purveyor of ladies shoes to my mother and sisters back in the day! At Carpenter Street there was Chiang Wah Onn, where Mr Lee and his spinster daughter Mary had also become lifelong friends: they too had plied me with their 'tools of the trade' by way of publications too many to mention. Then there was Rex Bookstore at Khoo Hun Yeang Street, which was co-owned by Francis Tan and Sim Kheng Lung. Theirs was a more conservative outfit and only sold bestsellers and serious reading material. Mrs Sim was always very friendly. I must not forget the late great Ibrahim Mohd of Toko Mustafa at Gambier Street – he too was a dear friend and taken too soon from us. I really miss him. The bulk of my afternoons was spent at the British Council Library sited just by the side of the old Sarawak Museum. The books that I had borrowed were legendary, I always carted away the most volumes allowed and returned them all read within days. I was a ferocious reader at that age. As a family, we all loved movies, music and reading. Our individual tastes may differ between us five siblings, but we all loved musicals, and historical dramas. Undoubtedly if asked to name some, 'South Pacific', 'My Fair Lady', 'Camelot', 'The King and I', and 'Flower Drum Song' would be among them. During the 1960s, we had a few cinemas: Rex, Cathay, Odeon, Miramar, Lido, Roxy and Swee Hua. During the weekends, there were cheap reruns' matinee morning shows, which cost only 30 cents and 50 cents per ticket. For big-ticket blockbusters like 'The Ten Commandments', 'The Bible' and 'Moses', our schools had sent us all to attend at very special rates. Those, together with the school-year beginning and closing when we had to troop to the respective church services, were the only 'outings' we had as students then. Photo provided by the columnist shows the staff of St Thomas' School in Kuching, in the early 1960s. Food-wise, we had not started that culture of eating out as yet. This was due to two factors, one being there were not many eateries – coffee-shops or food stalls at the time; and local families were just not yet used to the idea of eating out. However I remember that I had my first 'laksa' at Meng Heng on Carpenter Street with my father, and it was most memorable! There was also a 'kolo mee' stall there and we bought some to take home – that too was very delicious. I cannot recall Lau Ya Keng food court from that era, but the two 'kolo mee' stalls at the end of Ewe Hai were popular family favourites then. We would do takeaways frequently. My other fond memories of the era was of course the 'angtao peng' (iced desserts) stalls at the Open Air Market on Power Street; they are still there, although only two are left of the original four or five stalls. The 'sio-bee', 'charsio pao' and soya bean milk were also memorable. I recall a 'char-kuih' (fried turnip) and a 'jiu-hu eng-chai' (squid and leafy vegetable) in a dark thick sweetish sauce. In those days, the stall sold turtle eggs too. There were 'rojak' stalls, fried 'kuih tiaw' and of course, the ubiquitous 'kolo mee'! By the end of the 1960s, when we had left secondary school in October 1969, the time of change had started to slowly make itself felt. There was a population explosion of sorts, where there were more cars, motorbikes and bicycles on the road, and a sense of general prosperity could be seen, felt and experienced. We were leaving the 1960s behind, as a brave new 1970 looked us in the face as if challenging us then – are you ready for a brand new era? * The opinions expressed in this article are the columnist's own and do not reflect the view of the newspaper. Federation independence Merdeka old Kuching sarawak
