United Overseas Bank opens branch in Shenyang

United Overseas Bank has officially opened its newly established Shenyang branch, marked by a dinner reception in Liaoning in Northeast China, attended by the group's chairman, Wee Cho Yaw.

United Overseas Bank (UOB) is the first Singapore bank to open a branch in Northeast China, an area which the Chinese government is focused upon developing. Shenyang is also located near the Bohai Rim, a key zone of economic activity. With the official opening of UOB's Shenyang branch, the bank now has strategic presence in China that covers the major economic zones in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and Chengdu in western China. Commenting on the opening, Wee Cho Yaw said: UOB Shenyang Branch is our first branch in the resource-rich northeastern region of China. There is no doubt in my mind that this region is poised for rapid growth. UOB intends to introduce the favorable business conditions of Liaoning Province to our corporate customers in Singapore and southeast Asia. The new branch offers foreign currency banking services to foreigners, foreign enterprises and joint ventures, as well as local individuals and enterprises in China. These banking services include deposits, loans, project and trade financing, guarantees and bills discounting and foreign currency exchange. UOB is also preparing to convert its China branches to a local corporation.