Signal UOB's 2022-2023 acquisitions are said to have doubled its retail base in four markets

Summary

The report cites United Overseas Bank as a concrete example of Singapore's growing role in regional banking. Between November 2022 and November 2023, UOB completed a series of major acquisitions in Malaysia, Thailand, Vietnam and Indonesia. According to the report, these deals doubled the bank's retail customer base across those four countries. The expansion builds on the ample capital and liquidity that Singapore's banks have used to extend their footprint. The report reads the move as reinforcing Singapore's standing as a major source of regional lending and a central funding channel for the growth markets.