United Overseas Bank sounded a positive note over its business in China, with plans to boost the number of branches it operates there as well as to expand its retail network.
This comes as the bank’s China unit has grown its revenue by at least 10 per cent every year for the past five years, and plans to at least maintain this pace of growth over the next five years.
“We are going to more than double the number of banking network from eight to 17 by end of the year, including one in Chongqing that will open this coming Friday, as well as one in Suzhou by end of the year,” said Eric Lian, CEO of UOB (China). This will put the bank in 11 major cities across China, he added.
NOTE: Reuters has not verified this story and does not vouch for its accuracy.
Reporting By Aradhana Aravindan in SINGAPORE; Editing by Subhranshu Sahu