UOB signs pact with Bo-Coms

UOB signs pact with Bo-Coms

SINGAPORE (DPA): United Overseas Bank (UOB) has signed a pact with China's fifth-largest bank in a bid to increase the Singapore institution's market share in the country, it was reported on Friday.

A memorandum of understanding with the Shanghai-based Bank of Communications (Bo-Coms) was inked by UOB chairman Wee Choo Yaw and Bo-Coms chairman Yin Jie Yan, The Straits Times said.

"The MOU will further strengthen our business ties and foster even closer co-operation," Wee was quoted as saying.

UOB has three branches in China, one each in Shanghai, Xiamen and Guangzhou, in addition to a representative office in Beijing.

The UOB Group last week became the first Singapore bank to initiate a move into China's asset-management industry when it formed a 50-50 joint venture with the Allianz Group of Germany.