United Overseas Bank

United Overseas Bank Limited (simplified Chinese: 大华银行有限公司; traditional Chinese: 大華銀行有限公司; pinyin: Dàhuá Yínháng Yǒuxìan Gōngsī; Pe̍h-ōe-jī: Tāi-hôa Gûn-hâng Iú-hān Kong-si), often known as UOB, is a Singaporean regional bank headquartered at Raffles Place, Singapore, with branches mostly found in Southeast Asia countries.It has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in Asia Pacific, Western Europe and North America.[8] On 6 August 1935, Sarawak-born businessman Wee Kheng Chiang, together with six other partners, established the bank with a paid-up capital of S$1 million.[17] On 16 January 2019, UOB was listed in the Bloomberg Gender-Equality Index (GEI) for the first time in recognition of gender equality.[18][19] On 14 January 2022, UOB purchased Citigroup's consumer banking franchise in Indonesia, Malaysia, Thailand and Vietnam for about S$5 billion.Incorporated on 18 December 2007 as UOB (China) and headquartered in Shanghai, UOB has 17 branches and sub-branches strategically located in major cities such as Shenyang, Shanghai, Beijing, Shenzhen, Tianjin, Xiamen, Hangzhou, Chengdu, Guangzhou, Suzhou and Chongqing offering retail and wholesale banking services.[27] In December 2009, UOB opened its first branch in Mumbai, offering retail and wholesale banking services, including lending, treasury and trade finance products, to corporates, financial institutions and consumers.[31] Incorporated in 1993, UOB Malaysia was integrated with Lee Wah Bank in 1994 to operate as a single entity.[32] The bank offers commercial and personal financial services: deposits, unit trusts, UOB Bancassurance, privilege banking, e-banking, commercial lending, investment banking, treasury services, trade services, home loans, debit and credit cards, wealth management, structured investment, general insurance and life insurance.[37] In 1983, UOB opened its first representative office in Seoul[38] and in 1998, the bank has a total of S$81 million assets in South Korea.More ASEAN countries will get this service in the coming months, in a push to cater to millennials who mainly use mobile phones for banking.[46][47] In May 2017, the Monetary Authority of Singapore (MAS) fined UOB a total of S$900,000 for several breaches of anti-money laundering rules and control lapses in transactions related to Malaysia’s scandal-ridden sovereign wealth fund 1Malaysia Development Berhad (1MDB).