UOB enhances HNW capabilities as part of plans to accelerate business growth across Asia

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    27 August 2021

    UOB today announced that as part of its ambition to increase its high net worth (HNW) client base across Asia, it will establish a Private Wealth arm dedicated to developing progressive products and services to meet the needs of its HNW clients.

     

    UOB’s HNW segment currently accounts for half of the Bank’s wealth management fee income which it aims to double within five years.

     

    With a significant portion of Asian HNW clients accumulating their wealth through their family business interests, UOB is seeing an increased opportunity with its one-bank approach to serve holistically the personal and corporate banking needs of its clients.

     

    As part of its growth plans, UOB has hired Mr Chew Mun Yew who will join the Bank in December. Mr Chew has more than 20 years of experience in the financial services industry in Asia, holding senior roles in fields that included strategy, risk management and wealth management. He was also a senior banking and insurance regulator for more than five years.

     

    Mr Chew will report to Mr Eddie Khoo, Head of UOB’s Group Retail who said, “At UOB, as we focus on serving our clients better, we have been strengthening our people, product and platform capabilities across the entire wealth spectrum. With the depth of experience that Mun Yew brings to the table, we are well-positioned to accelerate our HNW business strategy and to enhance our offering to HNW clients across the region.”

     

    In the first half of 2021, the Bank’s wealth management assets under management increased seven per cent to $137 billion while wealth management fees rose 32 per cent.

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    About UOB
    UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

     

    For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

     

    The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to forging a sustainable future through working with its stakeholders to create positive environmental impact, fostering social inclusiveness and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

     

    For media queries, please contact media@uobgroup.com 

    UOB Newsroom

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