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Daily Dispatches: UOB expands in China

Beijing

Singapore’s United Overseas Bank has just set up a foreign direct investment advisory unit in Beijing. It wants to double corporate lending to Chinese firms expanding into Southeast Asia by 2016. A recruiter in Beijing, who asked not to be named, said he expected UOB to recruit more people as the FDI unit grew.

Singaporean banks, in particular DBS, have been growing in China recently, primarily to facilitate trade. Because many of their Singapore-based staff speak Mandarin, they are often in a strong position to make internal transfers from their headquarters to Shanghai or Beijing.

UOB’s new team aims to give Chinese companies access to the firm’s banking services and help them do business across Southeast Asia, a region in which Singapore banks have a strong foothold.

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