To: All Shareholders
The Board of Directors of United Overseas Bank Limited wishes to make the following announcement:
Audited Financial Results for the Financial Year Ended 31 December 2020
Details of the financial results are in the accompanying Group Financial Report.
Dividends and Distributions for the Fourth Quarter Ended 31 December 2020
Ordinary share dividend
The Directors recommend the payment of a final tax-exempt dividend of 39 cents (2019: final dividend of 55 cents and special dividend of 20 cents) per ordinary share for the financial year ended 31 December 2020. The final dividend is subject to shareholders’ approval at the forthcoming Annual General Meeting scheduled for 30 April 2021.
Together with the interim tax-exempt dividend of 39 cents per ordinary share (2019: 55 cents) paid in August 2020, the total net dividend for the financial year ended 31 December 2020 will be 78 cents (2019: S$1.30) per ordinary share amounting to S$1,303 million (2019: S$2,170 million).
The UOB scrip dividend scheme (the “Scheme”) will be applied to the final dividend for the financial year ended 31 December 2020. A separate announcement will be made of the books closure and relevant dates for participation in the Scheme.
Distributions on perpetual capital securities
On 19 October 2020, a semi-annual distribution at an annual rate of 3.875% totalling US$13 million was paid on the Bank’s US$650 million 3.875% non-cumulative non-convertible perpetual capital securities for the period from 19 April 2020 up to, but excluding 19 October 2020.
On 18 November 2020, a semi-annual distribution at an annual rate of 4.00% totalling S$15 million was paid on the Bank’s S$750 million 4.00% non-cumulative non-convertible perpetual capital securities for the period from 18 May 2020 up to, but excluding 18 November 2020.
Interested Person Transactions
The Bank has not obtained a general mandate from shareholders for Interested Person Transactions.
Undertakings from Directors and Executive Officers
The Bank has procured undertakings in the form set out in Appendix 7.7 of the Listing Manual from all its directors and executive officers pursuant to Rule 720(1) of the Listing Manual.
Information relating to persons occupying managerial position in the issuer or any of its principal subsidiaries who are relatives of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13)
| Name | Age | Family relationship with any director and/or substantial shareholder | Current position and duties, and the year the position was held | Details of changes in duties and position held, if any, during the year |
| Wee Ee Cheong | 68 | Son of Dr Wee Cho Yaw, substantial shareholder and; brother of Mr Wee Ee Lim, director and substantial shareholder; and Mr Wee Ee Chao, substantial shareholder. | Deputy Chairman & CEO | Nil |
BY ORDER OF THE BOARD
UNITED OVERSEAS BANK LIMITED
Joyce Sia / Theresa Sim
Company Secretaries
Dated this 25th day of February 2021
The results are also available at www.UOBgroup.com
