United Overseas Bank Limited (Mandarin: 大華银行), abbreviated as UOB Bank (華行), was founded on 6 August1935 by Kuching-born Datuk Wee Kheng Chiang, father of the present UOB Group Chairman & Chief Executive Officer, Mr Wee Cho Yaw, and a group of seven Chinese businessmen.
Acquisition of Overseas Union Bank
In 2001, the bank successfully acquired Overseas Union Bank Ltd with a US$5.7 billion offer which outbid rival DBS Bank's $5.2 billion bid. Legally one entity under the UOB name from 2 January2002, it became Singapore's largest bank in terms of domestic customer loans, credit cards and market capitalisation.
UOB earned S$274.43 million in fees and commissions, a 70 percent increase from last year.
UOB Deputy Chairman and President Wee Ee Cheong said in an analysts briefing that the bank would strengthen its expansion plans into Southeast Asia and greater China.
UOB, with S$113 billion worth of assets, operates in Malaysia, Indonesia, the Philippines, Thailand and South Korea.
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