By The Nation
In setting up this branch, UOB (China) will tap UOB Group’s regional network to help Chinese companies in Southwest China expand into Hong Kong and into Southeast Asia.
Peter Foo, president and CEO of UOB (China), said: “We have been building our branch network in China since UOB (China)’s incorporation a decade ago. As we step up our support of the development and progress of West China, we believe the UOB (China) Kunming Branch is well positioned to complement our operations in Chengdu and Chongqing.”
The Branch will focus on helping Southwest China’s businesses with their crossborder expansion plans through onshore and offshore solutions in areas such as cash management, foreign exchange hedging, term loans, and project and supply chain financing.
Christine Ip, CEO of UOB Greater China, said the bank also recognises the strategic importance of Hong Kong as a base from which Yunnan companies can expand abroad.
“Hong Kong is not only one of the largest sources of foreign investment into Yunnan, but also a regional springboard for local companies going global. With the addition of UOB (China) Kunming Branch to our broader regional network, we are enabling clients in Southwest China to access our seamless crossborder financial solutions offered in Greater China and across Asia.”.
To help businesses minimise crossborder financing costs and risks, UOB (China) Kunming Branch plans to offer direct clearing services between the Renminbi (RMB) and Thai baht2.
In conjunction with the opening of the branch, UOB (China) signed two MOUs with Yunnan Water Investment Ltd and another with Yunnan Provincial Energy Investment Group Co. Under the MoUs, the companies would gain access to the Bank’s services, which include financing, cash management, investment solutions and advisory.
To further its support of helping more Yunnan companies in their regional expansion, UOB (China) also signed an MoU with the Yunnan Chamber of International Commerce. This partnership would enable Chinese companies represented by the Chamber to access UOB’s full suite of advisory services and financial solutions, business referrals and industry events.